Growth of operations in non-cash, cash currency markets observed in Azerbaijan
Baku, Azerbaijan, May 14
By Kheyraddin Nasirzade – Trend:
An increase in transactions in the non-cash and cash currency markets is being observed during the first quarter of 2019 in Azerbaijan, Trend reports referring to the monetary policy report of the Central Bank of Azerbaijan (CBA).
As noted in the review, the volume of transactions carried out on the non-cash foreign exchange market for the current period amounted to $6.1 billion. During the reporting period, 81.2 percent of transactions in the non-cash foreign exchange market were conducted in US dollars, and 18.8 percent in other currencies.
Of the total number of non-cash foreign exchange transactions, the share of operations in the interbank foreign exchange market was 38.4 percent, and 61.6 percent on the intrabank foreign exchange market.
Of the number of dollar-denominated transactions on the interbank foreign exchange market, 54.9 percent of the operations were carried out in order to regulate the currency position of banks. The turnover of currency transactions is carried out mainly on the Bloomberg platform.
Foreign exchange transactions on the intrabank foreign exchange market amounted to $3.8 billion, of which 73 percent of transactions were carried out in US dollars. Of the total number of all foreign exchange transactions at the intrabank foreign exchange market, 90.8 percent of transactions were carried out with legal entities.
The volume of transactions in the purchase and sale of cash foreign currency by banks amounted to $1.4 billion during the reporting period. Of these, 1.1 billion or 78.6 percent of operations accounted for dollar operations.