Azerbaijan MPs to discuss proposals to toughen rules on FX market

Baku withdrew support for its currency, the manat, on Dec. 21, triggering losses of 33 percent against the dollar. It had burned through more than half its foreign currency reserves trying to defend it against the effect of falling oil prices.

On Jan. 8, the central bank widened the exchange rate corridor within which banks can buy and sell the manat, to 4 percent either side of its official rate from 2 percent.