Azerbaijan central bank raises rates for fourth time this year as currency plummets
IMF calls for major banking reforms as oil and gas prices hit economy
Azerbaijan's central bank raised its policy rate to 15% on September 9, the fourth hike this year, bringing rates to their highest level since 2008. The move was necessary to counteract a steep fall in the value of the oil and gas exporting country's currency, the manat, the bank said in a statement issued in Azeri.
Azerbaijan's currency has lost more than half of its official exchange rate over the dollar in 19 months, with its hydrocarbons-based economy sharply affected by global falls in oil
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