Azerbaijani banks increase currency exchange profit margin by over 40%

Azerbaijani banks purchased $1 at an average rate of 1.6945 manats and sold it at 1.7020 manats in 2023, Report informs, citing Central Bank of Azerbaijan.

As a result, the country’s banks earned 0.75 manats ($0.44) for every $100 exchanged, which is a 41.5% increase compared to 2022.

For comparison, in 2022, banks bought $1 at an average rate of 1.6971 manats and sold it at 1.7024 manats, earning 0.53 manats ($0.31) per $100.