Azerbaijani President, Ilham Aliyev, said on Wednesday that a new devaluation of the manat, which occurred this week, was inevitable because of the sharp decline in oil prices, for which he saw someone's intent.
On Monday, the authorities of the country which depends on energy exports, dropped support for the national currency, which led to its fall by nearly 48 % against the dollar after the devaluation of more than 33 % in February.
The regulator has spent more than half of the currency reserves, trying to resist weakening.
"The main reason for changing the exchange rate of manat was three-fold drop in oil prices. So, the drop of manat was inevitable", - said the president who succeeded his father as head of state.
Baku decision followed similar steps of other oil-exporting countries, such as Russia and Kazakhstan. Lowering the price of oil is putting pressure on the financial situation of the former Soviet Union, which depend on the sales of black gold.
Oil and gas account for 95 % of Azerbaijan's exports and 75 % of government revenues, making it especially vulnerable.
London Brent crude fell by more than two-thirds since mid-2014.
Aliyev said that the decline in oil prices led to lower revenue.
"We have tried for a year to prevent it, waiting for the stabilization of oil prices. When they have stabilized at a level of $ 50, we have to some extent calmed down. However, the current price of oil fell to $ 36," - said the president.
In July, the head of the central bank said that the main for manat stability is the oil price at around $ 50 per barrel.
Aliyev called the sharp decline in oil prices suspicious.
"There has been some decline in the global economy, the rate fell slightly, but not so much that oil prices during the year fell three times," - he said.
"I personally believe that it is a planned policy. The purpose of this policy it is no secret. Azerbaijan is just suffering from this situation", - Aliyev said, without revealing details.
This week Brent crude oil price fell to its lowest level since 2004 due to an excess of oil offer on the world market.