MOSCOW: The bi-currency basket, revived by the Central Bank of Azerbaijan, does not describe fully the disposition of currencies of the main consumer good suppliers in the country, but is much higher than the real import currency basket.
According to customs statistics, the main suppliers of consumer goods in the country are Russia, Turkey and the EU (euro zone), but the bi-currency basket does not include Russian and Turkish currencies. The currencies of the EU, Russia and Turkey form the import currency basket.
It includes three currencies, weighted by their formal share in the supply of consumer goods to Azerbaijan: Russian ruble and Turkish lira by 35%, the euro by another 30%.
On 5 January the CBA announced the exchange rate of ruble at the level of AZN 0.0215 (by the end of 2015: AZN 0.0216), the exchange rate of lira at the level of AZN 0.5273 and euro at the level of AZN 1.6895. As a result, the import currency basket for today costs AZN 0.6989 against AZN 0.7065 on 30 December 2015, AZN 0.8038 on 21 December (the day of the second manat devaluation). As a result, efficiency of import remained at the standard level.
