Oil Currency Breaks Ranks as Azeris Can’t Quench Dollar Need
- Manat had its worst month in June since oil’s crash in January
- Currency diverges from peers as banks, people seek out dollars
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As higher energy prices buoy currencies of commodity producers, one is swimming against the tide.
Even after losing more than half its value against the dollar in two devaluations last year, Azerbaijan’s manat is struggling to find a bottom. In fact, it just had its worst month since the height of the crisis in oil markets in January.