The Central Bank of Azerbaijan devalued the manat on Saturday, Feb 21, 2015 by 33.5% versus the US Dollar (link courtesy of Reuters).
Employers are advised to monitor these developments carefully and cautiously before responding with changes to compensation for local employees, including requests for extraordinary increases and / or changing the basis of compensation to hard currency.
For further guidance, refer to my article about managing compensation when uncontrollable events occur.
Birches Group will continue to provide updates on the situation in Azerbaijan and how employers react to this development.
For more information please contact us.