Central Bank reduces number of currency auctions

Report: CBAR is concerned about cheapening USD

Baku. 18 April. REPORT.AZ/ The Central Bank of Azerbaijan Republic (CBA) will not hold currency auction today.

Report informs, the Central Bank has reduced number of regular currency auctions to 2, which has been launched on January 13 and mainly conducted thrice-monthly.

The Anlytical Group of Report News Agency considers that the auctions, earlier held on I, III and V days in a week, will be organized twice - II and IV days from this week.

Notably, in the currency auction on April 15, the State Oil Fund of Azerbaijan (SOFAZ) has sold only 2,4 million USD of offered 50 million USD and official exchange rate fell to 1,5167 AZN/USD.

Oil price decreased by 5% today and fell below 41 USD per barrel as agreement has not been reached at yesterday's Doha Summit of oil producing countries.

'At present, oil price is 9,2% less than maximum limit for this year. Oil price decline has a negative impact on exchange rate of rouble. Not holding the auction today may increase USD exchange rate to 1,53-1,54 AZN/USD in the cash market', analysts of Report News Agency say. 

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