Oil-exporter Azerbaijan suddenly devalues currency 33.5 percent

February 21, 2015 9:45 AM

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BAKU, Azerbaijan – Azerbaijan's Central Bank has suddenly devalued the country's currency by 33.5 percent against the dollar.

Like Russia, Azerbaijan has been hurt by the sharp decline in the price of oil, its main export. Russia's currency has lost more than half of its value in the past year.

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