Baku. 6 March. REPORT.AZ/ At the currency auction held by Central Bank of Azerbaijan (CBA) jointly with the State Oil Fund of Azerbaijan (SOFAZ) on March 7, official exchange rate of the US dollar is expected to decline.
Analytical Group of Report informs, at deposit auctions held last week and by the Ministry of Finance on the placement of bonds 270 mln AZN have been sterilized. As a result, there was a shortage of manats in banking system, and it showed itself today in cash market. Some banks have started to buy dollar with limit.
Analytical Group of Report predicts, there will not be higher demand for 35 million USD tomorrow at foreign currency auction due to the shortage of manat in banks. As a result dollar rate is expected to decline.
Moreover, Analytical Group expects further depreciation of dollar rate in world currency market after the increase of interest rates by US Federal Reserve System (Fed) at the next meeting to be held on March 14-15. That will lead to appreciation of manat. However, despite all of the foregoing, sharp fluctuations in manat not expected. Official exchange rate will remain at 1,75 AZN/USD, decreased in dollar rate will not exceed 0.01 AZN.