SOFAZ will put up for sale 100 million USD today

Report: Depreciation is expected

Baku. 11 April. REPORT.AZ/ Foreign currency sale will be carried out again in today's currency auction of the Central Bank of Azerbaijan (CBA). Report informs, the auction plans to sell assets of the State Oil Fund (SOFAZ) in the amount of 100 million USD.

Analytical Group of Report News Agency considers that the auction may reduce demand. In this case, the rate may drop to 1,5231 AZN/USD. Increased sales in the cash market may lead to lower rates.

"However, if put up for sale currency will be sold in full, the official exchange rate will grow significantly and will reach 1,5307 AZN/USD, however, the probability is very low", he analysts said.

The experts pointed out that generally, there is a tendency to reduce the rate of purchase and sale of cash dollar amid rising oil prices. And by the summer the dollar is predicted to increase in supply, which will be resulted with decline in the rate to 1,40 AZN/USD.

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