Aliyev says manat’s devaluation caused by oil price slump

Oil prices fell threefold, making a second devaluation of manat unavoidable, Aliyev said in comments broadcast on state television.

He blamed "geopolitical reasons” for the slump in prices in a clear reference to the confrontation between the United States and Russia over Ukraine.

The Fed decision to increase interest rates led to a further decrease in prices, Aliyev said.

Manat fell by 33 percent against the US dollar on Dec. 21 after the Central Bank announced a shift to a floating exchange rate. 

It was a second devaluation since Feb. when manat was devalued 25 percent against the dollar.

Azerbaijan is the third-largest crude exporter in the former Soviet Union, after Russia and Kazakhstan.