The USD rate for May 20 was set at AZN 1.4987, while it was AZN 1.5017 in past two days.
Interestingly this process occurred when everyone expected decline in USD rate. So, after the FRS released the minute yesterday, the US dollar started to sharply rise. As a result of this, oil price declined. After release of the minute, national currencies of the developing countries fell about 1% against USD. Along with this, Brent crude dropped 1.1% to $49 a barrel.
However, the western analysts say only Azerbaijani manat preserved its stability: “Manat strengthened 0.41% denying FRS minutes. Though the matter is about a currency directly depending on oil prices, but the oil declined. All currencies depending on oil price have declined. For example, Mexican peso slid 0.76%, Russian ruble 0.63%, Brazilian real 0.6%, Chinese yuan 0.43%, Kazakhstani tenge 0.34%”.
The analysts say the manat strengthened because the stability in Naghorno Karabakh could create optimism in currency traders: “Manat rate was also affected by laying the foundation of TAP”.
The experts think Russian ruble will go up slightly. Azerbaijani manat will preserve its stability. This is due to the fact that the oil price is still remaining higher.
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