Azerbaijani population reduce purchase of US-dollars from banks

Baku. 11 January. REPORT.AZ/ Commercial banks operating in Azerbaijan sold 49.54 mln USD to population in November 2016. The sale of USD in October was 94.54 mln USD, which 1.9-fold higher than in November.

Total amount of sale of USD to population by commercial banks during 11 months of 2016 was 425 081 mln USD.

In November 2016, the sale of US-dollar by commercial banks amounted to 377 884 mln USD.

Report’s expert group believes Azerbaijan manat losing ground against US dollar during last months caused the banks to become pure sellers of cash foreign currency.

Notably, the global economic crisis starting in 2014 caused currency reserves of Central Bank of Azerbaijan to drop from historic high (15 193.4 mln USD) by 11 182.4 mln USD or 73.6% to 4 011 mln USD by December 1, 2016.