February 16, 2015 / 12:50 PM / 4 years ago

Azeri central bank abandons currency peg to U.S. dollar

BAKU, Feb 16 (Reuters) - The Azeri central bank said on Monday it had abandoned its currency peg to the U.S. dollar and would instead use a dollar-euro basket to manage the exchange rate of the country’s manat currency.

“A decision has been made to conduct a policy based on a mechanism of a dual-currency basket, which includes the dollar and euro,” the central bank said in a statement.

“The central bank will continue its participation on the currency market in the framework of a corridor.” (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Alexander Winning)

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