Yerevan /Mediamax/. Azerbaijani banks restricted currency exchange transactions due to the Central Bank’s decision to switch to floating manat rate.
After shifting to the free manat rate, the currency depreciated by over 47%.
The Central Bank of Azerbaijan has announced the switch to the floating manat rate this morning.
Representative of Fitch Ratings agency Dmitry Vasilyev told Trend that the devaluation will negatively impact the quality of the assets and capital of Azerbaijani banks.
Leading economist of Baku Office of Asian Development Bank Nail Veliev stated that the depreciation will speed up inflation in Azerbaijan.
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