15:58 - 3.12.2024

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December 3 report, Fineko/abc.az. The exchange rate of the manat fluctuated in different directions relative to the currencies of other trading partner countries for Jan-Sept 2024.

ABC.AZ informs with reference to the Central Bank's Monetary Policy Review that the exchange rate of the manat to the Turkish lira increased by 17.1%, to the Ukrainian hryvnia by 11.2%, and to the Kazakhstani tenge by 5.3%. The exchange rate of the manat declined by 1.7% to the euro, by 4.2% to the British pound and by 2% to the Swiss franc.

The average daily official exchange rate of the manat against the US dollar was 1.7 manats. The purchase and sale rates of foreign currency set by banks fluctuated in a range close to the official exchange rate. Thus, the average daily purchase rate in commercial banks for 1 US dollar differed from the official one by 0.32%, and the sale rate by 0.12.

The dynamics of bilateral exchange rates influenced the dynamics of multilateral exchange rates. In general, in the first 9 months of 2024, the nominal effective exchange rate of the manat in non-oil trade strengthened by 2.9%, and the real effective exchange rate fell by 3.3%.

Inflation in Azerbaijan below the global average in the partner countries had a downward effect on the real effective exchange rate.