SOFAZ will put up for sale 50 mln. USD today

Baku. 21 April. REPORT.AZ/ Sale of currency 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 50 mln USD.

Analytical Group of Report News Agency states that demand may reduce at today's auction. In this case, the rate may drop to 1,50 AZN/USD. The maximum rate is forecasted at the level of 1,5258 AZN/ USD. Increased sales in the cash market may lead to a decrease in the sales rate.

From this week on the background of decline in the demand for foreign currency CBA reduced the number of currency auctions from 3 to 2 times. Analytical Group of Report states that rising oil prices, positive global economic situation and the beginning of the tourist season closer to summer will lead to oversupply of dollar on the market. In this case, the Central Bank may reduce the amount of currency auctions to once a week.