BAKU, Azerbaijan, November 26. Azerbaijani banks increased cash sales and purchases of foreign currency from January through September 2022, Trend reports citing the Azerbaijani Central Bank's monetary policy review.
According to the bank, this figure totaled $3.9 billion in the reporting period, growing by 46.9 percent year over year.
Following the review, the US dollar accounted for 87.2 percent of these transactions.
The non-cash foreign exchange market of Azerbaijan amounted to $22.3 billion in the first nine months of 2022, which was 16.3 percent higher than the same period of 2021. Out of total transactions, the US dollar made up 84.5 percent, while other currencies – 15.5 percent.
Meantime, a total of 70.4 percent of non-cash transactions came from the intra-bank foreign exchange market, whereas 29.6 percent – from the inter-bank foreign exchange market.
Net foreign currency cash sales from January through September 2022 increased by 48.1 percent year over year due to high sales in the first quarter.