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    CBAR sold 255 million USD last week

    Report: Introduction of the floating exchange rate of manat will provide real support to the economy

    Baku. 14 December. REPORT.AZ/ Central Bank of Azerbaijan Republic (CBAR) from 8 to 11 December sold in the interbank foreign exchange market as a whole 255 million US dollars. Thus, in these days of the average daily volume of currency sales amounted to 63.75 million dollars.

    Report informs, the CBAR resumed operations on sale of foreign currency on the interbank currency market on December 8 after SOFAZ suspended the sale of foreign currency. During this day the CBAR has sold 58.8 million dollars.

    The US dollar was established on December 8 at the level of 1,05 AZN/USD. The volume of sales in the next few days was 55 million, 66 mln., and 75 million dollars. The official exchange rate on December 9-11 was equal to 1,0496 AZN/USD, 1,0492 AZN/USD and 1,0495 AZN/USD, respectively. Thus, the official currency reserves have fallen below 6 billion dollars.

    Research Group of Report News Agency believes that the demand for foreign currency will not fall: "In order to reduce currency or start manat interventions by the Central Bank needs increase inflow of foreign currency into the country. This is possible with the increase in oil prices, the increase in exports of non-oil products competitive prices, attracting tourism and investment. Naturally, today a solution to the problem of attracting investments into the domestic economy plays an important role , and in this respect the relatively expensive manat acts as a deterrent. Flexible step of the CBAR in this area will be an important decision in terms of economic development."

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