CBA: Total volume of currency market declines

Baku. 21 February. REPORT.AZ/ Total volume of the Azerbaijani currency market in 2017 has dropped in comparison with 2016. Thus, the currency transactions in US-dollar decreased by 5.8% and transactions in euro by 5.4% compared to 2016.

Report informs referring to the monetary policy review issued by the Central Bank of Azerbaijan (CBA).

Over the period, 83% of transactions in currency market were conducted in US-dollars, while 17% in other currencies.

Decline in the currency market was also observed in cash foreign exchange market segment. In 2016, the banks have sold net foreign currency in sum of $ 445.4 million, while in 2017 it has made $ 26.5 million.

Central Bank of Azerbaijan has held a total of 99 auctions in 2017 to organize the currency sale of the State Oil Fund of the Republic of Azerbaijan (SOFAZ). During the period, SOFAZ's foreign currency sales totaled 3 597.8 million AZN. This is 26.3% less than in 2016.

During reporting period, Central Bank's trading session on Bloomberg was normal. During this period, the volume of the out of auctions sales in the segment of interbank currency market amounted to $ 1 065 mln.