Can BRICS Membership Reduce the Role of the Dollar for Azerbaijan?
AbstractCurrently, the prevailing trends in the Azerbaijani economy—such as declining foreign currency revenues, increasing imports, underutilization of non-oil export potential, sharp loss of the manat's purchasing power, appreciation of the real effective exchange rate, and rising levels of dollarization of deposits 1—provide severe grounds for abandoning a fixed exchange rate regime. These factors are creating increasing pressure on the manat's exchange rate year by year. Can Azerbaijan counteract this process by joining BRICS and the Shanghai Cooperation Organization? Can BRICS membership reduce the role of the dollar for Azerbaijan? This article will first attempt to answer these questions through our research.
Keywords: Azerbaijan, BRICS, SCO, US Dollar, Chinese Yuan, Manat, sanction, SPFS, SWIFT,
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