Non-cash transactions grow in Azerbaijan

Baku, Azerbaijan, May 24

By Azad Hasanli - Trend:

Non-cash transactions of banks in Azerbaijan amounted to $4.8 billion in the first quarter of 2018, which is 11.2 percent more than in January-March 2017, Azerbaijan’s Central Bank (CBA) said in a report for the first quarter of 2018.

As many as 84 percent of transactions in the non-cash foreign exchange market were carried out in the US dollars, and 16 percent of transactions were carried out in other currencies.

Compared to the same period last year, the US dollar non-cash transactions grew 12.4 percent, while euro non-cash transactions decreased 12.1 percent.

Almost a third of non-cash foreign currency transactions (29 percent) were carried out in the interbank foreign exchange market, and 71 percent in the intrabank market. Over 50 percent of transactions in the interbank foreign exchange market were related to the regulation of the banks’ foreign exchange position.

Cash transactions of banks with currency in the reporting period amounted to $1.4 billion (annual growth of 80.3 percent). For the first quarter, banks sold $517.8 million and bought $594.2 million.

Foreign currency transactions of banks (in million currency units):

Banks purchased another currency (British pounds and Russian rubles) for $60.7 million and sold this currency for $24.7 million.

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