Central Bank of Azerbaijan refuses bicurrency basket in exchange rate policy

According to CBA, macroeconomic analyses indicated that, targeting of dollar/manat exchange rates decreases with CBA purposes: “This mechanism increases the opportunities of CBA on switchin to free exchange rate mode in long-term perspective”.

CBA information says that, it conducted its exchange rate policy via targeting of bicurrency basket’s value. During the past period, this mechanism has increased the supervisory opportunities to multilateral exchange rate of manat.

Taking the mentioned writings into account, CBA’s Board of Directors has adopted a decision on switching to dollar/manat bilateral exchange rate targeting from January 10, 2011.


/APA/