Currencies in central Asia have been coming under intense pressure in recent months, with yesterday's decision by the Central Bank of Azerbaijan to end its dollar peg potentially making the problem worse.
The central bank said it would end its policy of targeting a fixed US dollar-manat exchange rate and move to targeting a basket of currencies.
With oil and gas representing around 90% of Azerbaijan's export revenues, the country has been hit hard by falling oil prices, and analysts speculated t
- James Bullard on 2% rates, tariffs and Fed leadership
- Turkish central bank raises overnight rates in bid to stop lira’s fall
- Podcast: David Hendry and John Muellbauer on empirical macro
- Policies must change to stop emerging markets crisis, analysts say
- Next financial crisis “will be brewing” in shadow banking – Bullard