BAKU Jan 12 Azerbaijan has dropped an exchange
rate corridor it used for foreign-exchange transactions, the
central bank said on Thursday, in a move to let the country's
manat currency float freely.
The exchange rate corridor meant commercial banks could only
buy and sell the manat 4 percent either side of its official
rate set by the central bank.
Azerbaijan had said it would let the manat fully float in
2017 after the currency dropped and the country's public
finances deteriorated as the oil-rich former Soviet republic was
hit by the plunge in global oil prices from mid-2014.
(Reporting by Nailia Bagirova; Writing by Alexander Winning and
Maria Kiselyova; Editing by Andrey Ostroukh)