December 29, 2015 / 2:48 PM / 3 years ago

Azerbaijan's central bank cuts banks' capital adequacy ratio

MOSCOW, Dec 29 (Reuters) - Azerbaijan’s central bank has cut the capital adequacy ratio for the country’s commercial banks to 10 percent from 12 percent, it said on Tuesday, days after devaluing the manat currency.

Azerbaijan withdrew support for the manat last week, sending it 32 percent lower against the dollar, after burning through over half its foreign currency reserves to defend it against the impact of falling oil prices. (Reporting by Nailia Bagirova; writing by Vladimir Soldatkin; editing by John Stonestreet)

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