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Azerbaijan stabilizes official AZN/USD rate at 1.70

Azerbaijan stabilizes official AZN/USD rate at 1.70
If oil prices continue to rise, US-dollar will drop

Baku. 13 April. REPORT.AZ/ Today next currency bid administered by the Central Bank of Azerbaijan (CBA) and the State Oil Fund (SOFAZ) closed at 1.7026 AZN/USD. 

Report informs, official rate of US-dollar dropped by 0.0003 AZN comparing to previous bid.

Report’s experts group said that the CBA disclosed that it doesn’t want to let US-dollar rate to drop below 1.70 AZN/USD. Thus the rate dropped by 0.0002 scale on April 11 and 0.0003 scale today. Experts group stated that in cash currency market US dollar was sold 3.5% under official rate in last days.

“Supposedly, Central Bank is anxious about this development and wants the market and official rates to converge. After stabilization, if oil prices continue to rise, US-dollar may drop lower. Another assumption is that the US-dollar will stabilize at 1.70AZN/USD in a medium term”, experts said. 

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