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    Central Bank sold 241 million USD to banks within 4 days

    US currency position strengthening increases demand for dollar

    Baku. 13 November. REPORT.AZ/ Central Bank of Azerbaijan Republic (CBAR) totally sold 241 million USD to the commercial banks based in Azerbaijan within last 4 business days.

    Analytical Group of Report News Agency informs, CBAR conducted 49 million USD sale on Friday of last week, 94 million USD on Tuesday of this week (Monday was non-work day), 37 million USD on Wednesday and 61 million USD on Tuesday, yesterday.

    Main reasons for sale increase are continuation probabilities of USD positions strengthening process in the world market and decrease of oil prices again.

    Strengthening of increase probability of refinancing rate in USA in December escalated demand for dollar. Experts predicts USD/Euro exchange rate will reach parity till the end of the year. Oil continues decrease rapidly because of weakening of the Chinese economy and Iranian oil to enter the market expected. Price of Brent oil reaches 44 USD/barrel currently. In such condition Brent price will increase to 36 USD/barrel as in 2008. 

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