BAKU, Azerbaijan, May 27. Azerbaijani banks increased operations for the purchase and sale of cash currency by 12.5 percent in the first quarter of 2022 compared to the same period last year, Trend reports with reference to review of the monetary policy of Central Bank of Azerbaijan Republic (CBAR).
Volume of operations of Azerbaijani banks on the purchase and sale of cash currency amounted to $1.2 billion in the specified period.
According to CBAR, the share of the US dollar in these transactions amounted to 89.7 percent.
Non-cash foreign exchange market of Azerbaijan amounted to $7.4 billion in the first quarter 2022, which is 25.8 percent higher than the same period last year, and 86.9 percent of the total volume of transactions accounted for US dollars, 13.1 percent - for other currencies.
According to CBAR, 69.9 percent of non-cash transactions accounted for the intra-bank foreign exchange market from January through March, 30.1 percent - for the inter-bank foreign exchange market.
Net sales of foreign currency in cash rose by 66.2 percent in the first quarter of 2022, with the easing of pandemic-related restrictions, compared to the first quarter of last year due to an increase in overall economic activity.