Azerbaijan Currency Crashes 50% As Crude Contagion Spreads

by Tyler Durden
ZeroHedge.com
12/21/2015

OPEC blowback continues to ripple around the world. With Russia’s Ruble pushing back towards record lows against the USD, and Kazakhstan’s Tenge having tumbled to record lows, the writing was on the wall for Azerbaijan. As Bloomberg reports, the third-biggest oil producer in the former Soviet Union moved to a free float on Monday and the manat crashed almost 50% instantly to its weakest on record with the second devaluation this year.

The Rest…HERE

This entry was posted on Monday, December 21st, 2015 at 11:59 am and is filed under Economics, Oil, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.