Foreign currency sales down in Azerbaijan

Business Materials 21 February 2018 15:41 (UTC +04:00)
Foreign currency sales down in Azerbaijan

Baku, Azerbaijan, Feb. 21

By Anvar Mammadov - Trend:

Azerbaijani banks sold foreign currency worth $26.5 million in 2017, which is 16.8 times less compared to 2016, according to a monetary policy report of the Central Bank of Azerbaijan (CBA).

Banks sold currencies worth $445.4 million in 2016.

"Such a decrease in demand for foreign currency is connected to the stability of manat," the report said.

US dollar transactions in the Azerbaijani foreign exchange market decreased by 5.8 percent, while the euro transactions fell by 5.4 percent.

In the reported period, 83 percent of all transactions in the foreign exchange market were carried out in US dollars.

Twenty-four percent of foreign currency transactions were carried out in the interbank foreign exchange market, while 76 percent - in the intrabank foreign exchange market.