Azeri central bank further devalues currency to 1.0517 to $1

April 8, 2015 11:19 AM

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BAKU, April 8 (Reuters) - Azerbaijan's central bank on Wednesday further devalued its currency to 1.0517 manats to the dollar from 1.0496 and said that fluctuations were natural under its policy of a managed float.

The bank said on April 1 it was moving towards a managed float of the currency after it devalued the manat on Feb. 21 by 33.5 percent to the dollar and 30 percent to euro. Slumping oil prices and an economic crisis in major trading partner Russia were putting pressure on the currency.

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