50 million USD to be auctioned today

Report: Sharp exchange rate movements will continue to be regulated by the CBAR

Baku. 8 April.REPORT.AZ/ The Central Bank of Azerbaijan Republic (CBAR) will conduct currency sale in today's auction.

Report informs, the CBAR conducts 4 auctions within a week for the first time from January 13, 2016, when currency auctions launched. The State Oil Fund of Azerbaijan (SOFAZ) is expected to sell 50 million USD.

Analytical Group of Report News Agency considers that decline in demand is also expected in today's auction. In this case, exchange rate is supposed to decrease to 1,51 AZN/USD.

'If full amount of auctioned currency supply sells, the official exchange rate will increase slightly, but will not exceed 1,53 AZN/USD', analysts said.

Experts said that, in general, tendency of decrease in cash USD buying and selling exchange rate is observed and increase in USD offer in summer months forecasted: 'Exchange rate of USD is expected to down to 1,40 AZN/USD. In any case, sharp changes in the exchange rate will be regulated by the Central Bank through interventions'. 

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