Azerbaijani banks see decrease in foreign currency transactions

Finance Materials 19 February 2021 16:13 (UTC +04:00)

BAKU, Azerbaijan, Feb. 19

By Zeyni Jafarov - Trend:

Operations of Azerbaijani banks on the purchase and sale of foreign currency in cash amounted to $5.2 billion in 2020, which is 13.3 percent lower compared to 2019, Trend reports citing a monetary policy review of the Central Bank of Azerbaijan (CBA).

According to the CBA, the largest share in the transactions on the purchase and sale of the foreign currency fell on the dollar - in the amount of 4.5 billion (86.7 percent).

“The non-cash foreign exchange market of Azerbaijan for the reporting year amounted to $25.9 billion, which indicates an annualized decline of 6.7 percent. Of these, 86.5 percent of transactions were carried out in USD, 13.5 percent - in other currencies,” said the report.

From January through December 2020, 65.3 percent of non-cash foreign exchange transactions were carried out in the intrabank foreign exchange market, 34.7 percent - in the interbank foreign exchange market, said the CBA.


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