Azerbaijan's Shift to Free Float Sends Manat to 20-Year Low

  • Oil collapse forces second devaluation by Azerbaijan this year
  • Russia, Kazakhstan also let their currencies trade freely

Azerbaijan’s manat plunged to the weakest on record after the central bank relinquished control of its exchange rate, the latest crude producer to abandon a currency peg as oil prices slumped to the lowest in 11 years.

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