Azerbaijan-based banks traded $1.4B-cash foreign currency in Q1

In the first quarter of 2019, operations carried out in the non-cash currency market amounted to $6.1 billion with 81.2% in USD, 18.8% in other currencies, Report informs referring to Monetary Policy Review of the Central Bank of Azerbaijan (CBA).

According to the CBA, 38.4% of operations was carried out in the interbank currency market, 61.6% in the intrabank currency market.

54.9% of USD operations in the interbank currency market was related to regulation of banks’ currency position. The turnover on the currency operations was mainly formed from operations carried out on the Bloomberg platform.

Operations in the intrabank currency  amounted to $3.8 billion, with 73% in USD. 90.8% of currency operations was carried out with legal entities.

Operations on sale and purchase of cash foreign currency by banks stood at $1.4 billion, with $1.1 billion or 78.6% in USD.