Demand for dollar increases in Azerbaijan

Central Bank brought 94 million dollars to the currency market yesterday

Baku. 11 November. REPORT.AZ/ Demand for foreign currency increased in Azerbaijan since November 6,2015.

Report informs, reason of increasing demand for foreign currency is related wth the unemployment figures declared in the USA are better than expected. Thus, actual number of new workplaces forecasted at 180 million people was 271 thousand. After announcement of this figure demand in dollar increased in the world market as for increase probability of discount rate by the USA Federal Reserve System (Fed) in December. Exchange rate for euro drop to 1,07 USD/EUR in the international currency markets.

The Central Bank of Azerbaijan Republic (CBAR) launches increase dollar exchange rate and decrease of euro in line with the world market and under single currency exchange rate policy. Population forecasting further escalation of dollar increases currency purchase again, however, not very high. As a result, dollar sales rate in the currency exchange offices increased to 1,0535-1,0580 AZN/USD.

Change to the currency policy made today and CBAR escalated exchange rate of both currencies, dollar and euro. If this policy continues for several days, start of soft devaluation of manat may happen, Report's analytical group informs.

Central Bank brought 94 million dollars to the currency market yesterday.

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