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US dollar transactions make over 80% of Azerbaijani currency market

Business Materials 17 May 2017 10:39 (UTC +04:00)

Baku, Azerbaijan, May 17

By Azad Hasanli – Trend:

About 82.2 percent of transactions were made in US dollars on Azerbaijan’s currency market in January-March 2017, according to the monetary policy report of the country’s Central Bank (CBA).

According to the report, 28.1 percent of foreign exchange transactions were carried out on the interbank foreign exchange market, and 71.9 percent – on the intra-bank foreign exchange market.

The report also says that 51.7 percent of transactions carried out on the interbank foreign exchange market were aimed at regulating the currency positions of banks.

Moreover, 95 percent of foreign exchange transactions on the intra-bank foreign exchange market accounted for the sale of foreign currency to legal entities, according to the report.

CBA analysts note that the decline in the volume of foreign exchange market was also observed in the foreign currency cash market.

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