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Banks of Azerbaijan sharply reduce sale of US dollars

12 April 2017 [10:35] - TODAY.AZ

By  Trend

In January-February 2017, banks of Azerbaijan sold foreign currency in cash equivalent to 622.02 million manats, which is almost twice less than in the same period last year, reads the Central Bank of Azerbaijan (CBA) report.

As before, US dollars were in greatest demand among Azerbaijani banks’ clients. In January-February 2017, their sale amounted to equivalent of 255.36 million manats (reduction by almost three times during the year).

Sales of the British pound declined twice during the year, to the equivalent of 3.5 million manats, sales of euro declined by three times, to almost 33 million in manat equivalent. The smallest reduction is observed in the sales of the Russian ruble. The sales of the Russian ruble declined by only 8.15 percent, to 330.26 million in manat equivalent.

Similar situation is observed regarding the purchase of foreign currency by banks. In January-February 2017, banks bought US dollars in the volume equivalent to 185.57 million manats, which is 3.7 times less than in January-February 2016.

Banks of Azerbaijan also significantly reduced interest in buying euros, and for the year this figure fell by three times, to the equivalent of 17.68 million manats.

The opposite situation is observed regarding the purchase of the British pound and the Russian ruble. Banks of Azerbaijan slightly increased (by 0.1 percent) the purchase of the British pounds to 653.7 million in manat equivalent and increased the purchase of the Russian rubles by 23 percent, to 1.6 billion in manat equivalent.

There are 32 banks operating in Azerbaijan, including two banks with the state participation.


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