Don’t Try to Buy Dollars in Azerbaijan’s Capital
- Demand for dollars puts pressure on banks after devaluations
- Manat plunged most in world against U.S. currency on Friday
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Azerbaijan is in the grip of a fresh currency crisis.
Dollar sales in the Azeri capital have all but seized up as demand from households still reeling after two devaluations last year leaves most banks running on empty. The manat plunged the most globally against the U.S. currency on Friday before recouping losses.