US Fed decision will also affect the exchange rate of manat

  17 December 2015    Read: 682
US Fed decision will also affect the exchange rate of manat
Central Bank of Azerbaijan (CBA) has commented on decision passed by the US Federal Reserve System on raising interest rates.
CBA told, it was an expected decision: “Surely, the decision will affect the world, including Azerbaijan’s national currency. It’s too early to speak comprehensively about the effects and we are conducting relevant analysis. As is known, the exchange rate of manat is regulated in accordance with the bi-currency basket. Therefore, we are seriously analyzing the USD-Euro relations”.

Recently, there are views that manat will be devalued next time, as well as switch to floating rate. Fed decision may cause these views to be increased. The Central Bank commented on this issue: “It’s still too early to say something about this, the process will run as usual. We are holding discussions. Depending on developments, the Central Bank will conduct its own exchange rate policy agreeing with the government”.

CB official also added that USD and Euro are not expected to be changed.

The US Federal Reserve has raised interest rates by 0.25 percentage points - its first increase since 2006.

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