Azerbaijan devalues currency by a third

national-bank-azerbaijan
Central Bank of Azerbaijan

The Central Bank of Azerbaijan devalued its currency by a third against the US dollar over the weekend, after deciding a "significant depreciation" was necessary to restore competitive balance with its main trading partners.

It lowered the official exchange rate by 34% to 1.05 against the dollar on Saturday, down from 0.78 on Friday, and to 1.20 against the euro, compared with 0.89 last week.

On February 16, the central bank decided to abandon its dollar peg in favour of a currency basket contai

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