Azerbaijan raises key rate to prop up ailing manat

The central bank last raised the refinancing rate from 3 to 5 percent on Feb 15.

"This (rate) decision was taken to strengthen confidence in the national currency and stimulate growth in manat deposits," the central bank said in a statement.

The South Caucasus nation of about 10 million people relies on oil and gas exports for about 75 percent of its revenues and the slump in global oil prices has hit the manat hard. 

(Reuters)