CBA: Sale and purchase rates of foreign currencies set by banks were close to official exchange rate

Baku. 26 November. REPORT. AZ/ In January-September 2018, the official exchange rate of manat was set by taking into account the average exchange rate on interbank deals. In the reporting period, the official exchange rate of manat against USD was 1.7000, Report informs citing the Central Bank of Azerbaijan (CBA).

According to the CBA, sale and purchase rates of foreign currencies set by banks were close to official exchange rate. Average purchase rate at the commercial banks was 1.6960, sale rate at 1.7023. The difference between the official exchange rate and the average sale rate was 0.2% (AZN 0.004), purchase rate  made 0.1% (0.0023).

In the reporting period, the manat rate against USD strengthened by 0.01%, TRY by 58.3%, EUR by 2.6%, GBP by 2.9%, RUB by 13.9%.

The Bank says that the dynamics of bilateral exchange rates also affected the dynamics of the multilateral exchange rate. During the nine months, the real effective exchange rate of manat on non-oil sector strengthened by 8.8%.