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Baku organisers insist race will go ahead
Organisers of the forthcoming Baku European Grand Prix, which is to be held on the streets of the Azerbaijan resort, have refuted media claims that the current slump in oil prices threatens the event. In recent months, due to a supply glut oil prices have fallen to a record low resulting in a knock-on effect on currencies around the world including Venezuela, hence some of the speculation regarding PDVSA in recent weeks. With oil production accounting for around 75% of Azerbaijan's income, the value of the local currency (the manat) has dropped by around a third, compared to the dollar, consequently its central bank has used up around half of its foreign currency reserves in an attempt to...
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9y ago from Pitpass.com
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