Tension arisen in Azerbaijani foreign exchange market

Some commercial banks have restricted the sale of dollars

Baku. 24 June. REPORT.AZ/ Tension arose in cash and non-cash foreign exchange market of Azerbaijan this morning. Raising official exchange rate of the dollar in the past two weeks and demand for that currency, following the news about the results of the referendum (Brexit), further deteriorated situation.

Report informs, strengthening of the dollar on world markets felt in the currency market of Azerbaijan.

A number of restrictions were imposed on commercial banks to sell dollars in cash now.

This amount is different in different banks (2-10 thousand dollars to a client).

Demand for cash dollar by individuals and legal entities increased significantly.Commercial banks cannot meet the needs of companies in demand for dollar on the background of strengthening of dollar.The reason for this is that banks don't want to change their foreign exchange positions.

Notably, although the exchange rate of cash dollar sales in the currency market in the morning was 1.58 AZN / USD, but now the rate is 1.59 AZN / USD. Today, the official exchange rate by Central Bank of Azerbaijan is 1.5332 AZN / USD.According to the rules of the CBA it gives right to sell dollar to commercial banks at 4% margin. In other words, the maximum selling rate of the US dollar today may be 1.5945 AZN / USD

Analytical group of Report does not rule out sharp increase of dollar on June 27.

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