As we know Azerbaijan was pegging its currency to United States dollar until these days. It meant that no matter what happens AZN will be in the same level of exchange rate against dollar. (~ 1 dollar = 0.78 AZN) So how oil price decline can affect AZN?
So it becomes clear that until today’s change in monetary policy of Azerbaijan AZN was negatively related with the oil price. But starting from today the effect of oil prices to our currency will be different as Azerbaijan now pegs AZN to a basket of USD and Euro.