Azerbaijan’s Manat Devaluation Threatens Banks, Moody’s Says
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Azerbaijan’s banks face risks to asset quality after the former Soviet Union’s third-largest oil producer devalued its currency, Moody’s Investors Service warned.
The central bank on Feb. 21 set the manat at 1.05 against the dollar, compared with 0.78 earlier. The move aims to strengthen “international competitiveness,” amid pressure on the the country’s finances from falling oil prices, the regulator said in a statement.