BAKU, March 12 (Reuters) - Azeri central bank said on Thursday it had cut minimum reserves requirements on deposits to 0.5 percent from 2 percent in a move to compensate damages to commercial banks from the manat’s devaluation.
Azerbaijan is one of several former Soviet republics that have been forced to devalue their currencies following a plunge in Russia’s rouble over the last year.
The country’s central bank allowed the manat to fall by 33.5 percent versus the dollar and 30 percent against euro on Feb. 21. Five days earlier, it had abandoned the manat’s dollar peg and adopted a dollar-euro basket to manage the exchange rate. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Lidia Kelly)