Baku. 29 April. REPORT.AZ/ Government of Azerbaijan has determined the minimum acceptable official exchange rate of the national currency against the US dollar in the current case at 1.50 AZN/USD.
Report informs, during the currency auction held on April 26 on a regular basis by Central Bank of Azerbaijan (CBA), the State Oil Fund (SOFAZ) by purchasing 30 mln USD and making manat intervention in market has prevented the rate to fall below 1.5006 AZN/USD.
On Monday, April 25, the dollar exchange rate determined at the level of 1.50 AZN/USD.In recent days, the Central Bank's intervention in the currency market,strengthened the view that the dollar exchange rate will not drown below 1.50 AZN/USD.
This increased demand for the dollar at this level. In recent days the dollar in the cash currency market has risen from 1.48 to 1.51 AZN", says the Analytical Group of Report News Agency.
Analysts believe that the official rate will gradually increase: "Oil prices also struck this year, a maximum level of 48 USD / barrel. Taking into account the expected downward trend in oil prices until the end of the year, there is a possibility of growth of dollar in domestic foreign exchange market.We can see that the rate of the Russian Ruble - the currency of the main trading partner of Azerbaijan - does not fall below 65 RUB/USD.
The same situation is observed with Turkish lira, where the dollar exchange rate is kept on the level of 2.82 TRY/USD."