Currency market in Azerbaijan increases
Azerbaijan, Baku, Nov 27 / corr Trend N.Ismayilova /
The foreign currency market in Azerbaijan amounted to $19 billion from January to September, showing a 10-percent rise compared to the same period last year, according to the Central Bank's monetary policy report for the third quarter of 2009.
"In 2009 processes on the domestic currency market were held under the impact of foreign economic and trade operations and devaluation in partner states," the report said.
Some 27.3 percent of the volume accounted for the interbank currency market, 65.7 percent for interbank exchange operations, and seven percent for trading sessions in electronic exchange systems.
Eighty-five percent of all operations fell to U.S. dollars, 11 percent to the euro, one percent to the ruble and three percent to other currency units.
In the first quarter of 2009, demand for the dollar increased on the currency market by force of the psychological impact of devaluation in neighboring countries. However, the process hit a slowdown early in the second quarter.
The rate of the national currency was kept stable thanks to a flexible policy regulating the manat, which fell only by four points to the dollar. Moreover, in the early second quarter, banks lowered the cash foreign currencies which they brought to the country.
Cash foreign currency imported into the country by the bank declined by 29.1 and 43.3 percent in the second and third quarters, respectively, compared to the same period last year.
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