Speculations about further devaluation of manat and increase of the exchange rate of the dollar to two manats are groundless, the Central Bank of Azerbaijan said.
"In accordance with the floating rate of manat, its exchange rate is formed based on the fundamental factors determining the supply and demand ratio of the currency on the market," Trend cited the bank as saying.
The Central Bank participates on the currency market in accordance with the floating rate of manat and the demand of the currency market is currently being covered by holding auctions.
The Central Bank of Azerbaijan switched to the floating rate of the national currency from December 21, after which the exchange rate of the dollar and euro to manat rose by 47.6% and 47.9%.
The official exchange rate is 1.5561 AZN/USD.
