Azerbaijani banks raising cash US-dollar sale price

Exchange rate can reach 1.70 AZN/USD by the year-end

Baku. 17 October. REPORT.AZ/ US dollar cash sale price has risen in Azerbaijan’s banks. The Report experts stated that despite gaining ground with 1.5980 AZN/USD official rate starting from last week, today sell rate of US-dollar changes between 1.6060-1.6150 AZN/USD. Kapital Bank OJSC set lowest price with 1.6060 AZN/USD. Other commercial banks sell dollar for 1.61 AZN/USD or more.

Analytical Group of Report states, dollar’s strengthening against all main currencies in world market stimulates higher demand for this currency which in its turn can push Azerbaijani banks to set higher than official rates. Analytical Group of the agency believes, expectations of federal discount rate increase by US Federal Reserve will further strengthen US dollar in world financial markets, which will have adequate reflection in Azerbaijan’s currency market.

Retreat of USD/EUR rate to parity by the end of this year can rise USD sell rate up to 1.70 AZN/USD. Of course, this forecast is real if crude oil prices will hold above 45USD/barrel. With oil prices under 45USD/barrel exchange rate can reach up to 1.85AZN/USD, the analytics said. 

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