Azerbaijani population increases sale of USD cash

In first four months of 2016, banks have bought 2.3 mln USD from population

Baku. 12 April. REPORT.AZ/ In April 2016, in operations on purchase and sale of foreign currency, net purchases of US-dollar from the population by commercial banks based in Azerbaijan have amounted to 81,446 million USD.

Report informs referring to the Central Bank of Azerbaijan (CBA), the first monthly rate for the dollar buying rate exceeded the figure of sale operations. Notably, in the same period of last year, banks purchased from the population 141,181 mln USD on a net basis. Since the beginning of 2016, commercial banks have bought from the population of 2.291 mln USD in cash.

Analytical Group of Report News Agency says that banks have become net buyers of foreign currency in cash due to the relative strengthening of manat and decline in oil prices. Notably, beginning in the second half of 2014, the global economic crisis has led to the fact that the Central Bank's foreign exchange reserves declined from a record high in July 2014 (15 193, 4 mln USD), to 11 127.6 mln USD, or 73.2% and on April 1, 2016 amounted to 4 065.8 mln USD.

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