Sales volumes stabilize in Azerbaijani foreign exchange market
BAKU, Azerbaijan, June 2
By Eldar Janashvili – Trend:
The sales volumes have stabilized in the foreign exchange market in Azerbaijan from January through May 2020, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said.
Rustamov made the remark in Baku at the press-conference of the CBA and the Deposit Insurance Fund, devoted to the beginning of the process of returning the deposits of AtaBank and Amrahbank liquidated on April 28, 2020, Trend reports.
The sales volumes amounted to an average of 56 million manat ($32 million) per month in Azerbaijan, which is 10 million manat ($5.9 million) less than in the same period of 2019.
The peak of the sale of foreign currency in the amount of 290 million manat ($170 million) accounted for mid-March after the OPEC + deal, broken on March 7, 2020, which caused the sharpest decline in oil production in history.
The licenses issued to Amrahbank and AtaBank for banking activity were cancelled upon the decision of the Board of the Central Bank of Azerbaijan dated April 28, 2020.
Kapital Bank OJSC was chosen as an agent bank for reimbursing the deposits in AtaBank and Amrahbank in accordance with the decision of the Board of Trustees of the Deposit Insurance Fund.
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