Azerbaijan manat sees biggest fall since December unpegging
05.04.2016 10:00
Azerbaijan's manat suffered its biggest fall since it abandoned its currency peg in December on Monday, as fighting with Armenian-backed separatists over the breakaway Nagorno-Karabakh region continued.
Dozens were killed on both sides at the weekend in the biggest flare-up of violence over the region in years, creating a risk that the conflict, frozen for two decades, could again erupt into full-out war.
There were reports of more deaths on Monday and pressure was compounded as the central bank said the oil-rich country's foreign currency reserves had more than halved over the last year to just over $4 billion.
The dollar was last up 3.7 percent against the manat AZN= at 1.5230, the biggest drop for the manat since December's unpegging which saw it plunge over 30 percent.
www.ann.az
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