Shops close and dollars run out after central bank decision to drift manat leads to 32% drop in value,reports RFE/RLAzerbaijan’s currency has plummeted after moving to a floating exchange rate, causing a rush on dollars and shops as customers try to buy goods before prices increase. The manat lost 32% to the dollar yesterday following the central bank’s decision to conclude protecting its value in the face of falling oil prices. The bank said it had lost more than half its foreign reserves trying to defend the currency. Continue reading...
Source: theguardian.com