Off the wire
• Roundup: Clash, blast kill 17 militants in Afghanistan  • China Focus: China, ADB can tap "belt and road" potential  • China calls in Indian ambassador to voice unhappiness on Modi's visit to disputed territory  • Weather information for Asia-Pacific cities  • Urgent: Azerbaijan devalues currency by 33.5 pct  • Singapore's former PM Lee Kuan Yew in hospital for severe pneumonia  • Prosecutors to intensify supervision over administrative power  • Philippines pledges to strengthen efforts to ensure conviction of drug suspects  • News Analysis: One year into Renzi's gov't earning kudos for incomplete Italy reform plans  • Plan for U.S. forces withdrawal from Afghanistan needs revision: Pentagon chief  
You are here: 　 Home

1st LD: Azerbaijan devalues currency by 33.5 pct

Xinhua, February 21, 2015 Adjust font size:

The Central Bank of Azerbaijan (CBA) depreciated the country's currency Manat by 33.5 percent against the U.S. dollar on Saturday, the bank said in a statement.

The official exchange rate was previously 0.7862 Manat against 1 U.S. dollar and is now 1.05 Manat.

According to the bank, the move was aimed at creating additional incentives to diversify the economy, boost the nation's international competitiveness and export potential, ensure strategic stability of the balance of payments and international solvency of the country.

Like energy-rich Russia and other Commonwealth of Independent States(CIS), Azerbaijan has suffered from sharp decline of global oil price, the main product for expert of the Caspian country. Endi