Radio Free Europe: Azerbaijanis Reel As Currency Tanks
A massive tumble in Azerbaijan's currency has shuttered shops and sent people scrambling to convert their manats into foreign currency or durable goods.
"This is such a miserable situation for the whole nation," a Baku man told RFE/RL's Azerbaijani Service. "Everyone wants to buy dollars and only a few [banks and exchange officies will] sell.... There are almost no dollars left at exchange points."
The Azerbaijani Central Bank's decision to float the country's currency on December 21 led to the loss of some 48 percent of the manat's value -- from 1.05 to 1.55 manats to the dollar.
The drop led stores and even entire shopping malls across the country to close as people rushed to buy things before store owners raised their prices.
More News On Azerbaijan's Currency Collapse Today
Azerbaijani manat collapses after government abandons dollar peg -- Financial Times
Azerbaijan cuts its currency loose, triggering 32 pct plunge -- Reuters
Azerbaijan's Shift to Free Float Sends Manat to 20-Year Low -- Bloomberg
Azerbaijan's currency lost almost half its value overnight -- Business Insider
Oil price slump forces Azerbaijan to stop propping up currency -- AFP
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