Azeri central bank says moves towards managed float of manat

"The central bank is moving towards a managed float of the manat," Elman Rustamov said at a meeting of the parliament's economic policy committee.

"The bank is not ready to move to a fully flexible rate."

Rustamov said the manat's rate depended on the oil price, macroeconomic indicators as well as on the U.S. dollar's rate against the euro, currency fluctuations in Azerbaijan's main trading partners and central bank decisions.