Central Bank of Azerbaijan may minimize number of currency auctions

Forecast: Trend of gradual USD cheapening against AZN will continue

Baku. 19 April. REPORT.AZ/ The Central Bank of Azerbaijan Republic (CBA) may minimize number of regular currency auctions to once a week due to sharp decline in demand for foreign currency in the domestic market.

Report informs, the Central Bank has reduced number of the auctions from 3 times to 2 this week. Notably, the CBAR has launched currency auctions since January 13 this year, which aims at regulation of the currency market.

Today in the currency auction, held by the CBAR, the State Oil Fund of Azerbaijan (SOFAZ) has sold 40% or 19,9 million USD of the offered 50 million USD to the commercial banks 

Analysts of Report News Agency state that at the end of today's auction, tomorrow USD official exchange rate is likely to be determined nearly at 1,5119 AZN/USD: 'This is 0,31% below than today's exchange rate. Oil prices reaching maximum level of recent 4 months, gives grounds to say gradual fall of USD exchange rate'.

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