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Azerbaijan drops FX rate corridor to float manat currency -
January 12, 2017 / 12:19 PM / a year ago

Azerbaijan drops FX rate corridor to float manat currency -

BAKU, Jan 12 (Reuters) - Azerbaijan has dropped an exchange rate corridor it used for foreign-exchange transactions, the central bank said on Thursday, in a move to let the country’s manat currency float freely.

The exchange rate corridor meant commercial banks could only buy and sell the manat 4 percent either side of its official rate set by the central bank.

Azerbaijan had said it would let the manat fully float in 2017 after the currency dropped and the country’s public finances deteriorated as the oil-rich former Soviet republic was hit by the plunge in global oil prices from mid-2014. (Reporting by Nailia Bagirova; Writing by Alexander Winning and Maria Kiselyova; Editing by Andrey Ostroukh)

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