Azerbaijan switches to floating rate of manat

Baku, Azerbaijan, Dec.21 Trend: The Central Bank of Azerbaijan switched to the floating rate of manat from Dec.21, 2015. The decision has been made taking into account the strengthening of long-term shocks in foreign economy in order to equilibrate the balance of payments, keep the foreign exchange reserves in the country at critical level and ensure the competitiveness of national economy on the international arena, said the message from the bank. Story still developing Follow us on Twitter @TRENDNewsAgency