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Azerbaijan’s central bank abandoned its dollar peg in December 2015 and allowed its currency the manat to tumble by almost a third, mostly because of the lower oil prices that plagued the markets back then. Azerbaijan is one of the energy rich post Soviet economies and its currency depends largely on the price of oil.
But it was not until January 2017 that the Central bank allowed the local currency to freely float.
Apart from the Central bank, which looks after the monetary policy, the price stability and the banking sector as a whole, the financial markets in the country are governed by the local State Committee for Securities.
And since the institution still does not pay special attention to the emerging retail forex and CFD industry, our best advice for you, if you are based in Azerbaijan and want to trade the forex markets, is to sign up with a regulated broker, licensed and authorized by a well known financial watchdog, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC), which accepts local customers.
The most secure way to fund your trading account from Azerbaijan is with major credit and debit cards like Visa, MasterCard, American Express, and Diners Club.