World Economy

Azeri Manat Devalued

Azeri Manat DevaluedAzeri Manat Devalued

Azerbaijan’s Central Bank has suddenly devalued the country’s currency by 33.5% against the dollar. Like Russia, Azerbaijan has been hurt by the sharp decline in the price of oil, its main export. Russia’s currency has lost more than half of its value in the past year. The official rate for the manat was set at 1.05 to the dollar from 0.7862.