OREANDA-NEWS. March 10, 2015. Azerbaijan's foreign exchange reserves fell by \\$1.676 billion in February to \\$11.004 billion as the central bank spent them to support the manat currency, it said on Saturday.

The bank spent \\$1 billion of reserves to prop up the currency in January before allowing the manat to fall by 33.5 percent versus the dollar and 30 percent against euro on Feb. 21. Five days earlier, it had abandoned the manat's dollar peg and adopted a dollar-euro basket to manage the exchange rate.

Azerbaijan is one of several former Soviet republics that have been forced to devalue their currencies following a plunge in Russia's rouble over the last year.