How will the rapid appreciation of the euro affect the country's economy?

Over the past 25 days since the beginning of August this year, the euro has strengthened by 3.3% against the Azerbaijani manat.

Yeniavaz.com reports with reference to the information of the Central Bank, on August 1 this year, the exchange rate of 1 euro was 1.84 manats, and today it has risen to 1.90 manats.

It should be noted that the reason for the short-term strengthening of the euro against the manat is the decline in the dollar against the euro.

As is known, the exchange rate of the manat in Azerbaijan against the national currencies of other countries is determined by the dollar. If the national currency of any country depreciates against the dollar, this currency also depreciates against the manat. Otherwise, that is, when the national currency of any country rises in price against the dollar, this currency also rises in price against the manat.

Over the past month, the euro has been steadily growing against the dollar. If at the beginning of this month 1 euro was equal to 1.07 dollars, today it has grown to 1.12 dollars.

It should also be noted that the strengthening of the euro against the manat may affect the prices of products imported from the EU countries. For example, if at the beginning of this month we paid 184 manats in Europe for a product worth 100 euros, now we pay 190 manats for the same product.

It should be noted that according to the results of the first 7 months of this year, 14.3% or 2.6 billion manats of the total volume of Azerbaijan's imports came from the EU countries.