What Big Mac Index says about Azerbaijan’s manat?

The Big Mac Index of The Economist assesses the manat 31.4% undervalued against the US dollar in terms of purchasing power parity, compared to 36.8% one year ago. The balance of Azerbaijan for the period January to July is $9.46 billion, almost six times higher than a year earlier. The Central Bank holds $13.8 billion of reserves and now considers currency appreciation as a policy instrument rather than a factor.