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    Demand for US-dollar exceeded half a billion at today's auction

    AZN/USD official exchange rate is expected to rise to 1,56 to the end of August

    Baku. 28 June. REPORT.AZ/ Today Central Bank of Azerbaijan Republic (CBAR) will hold next foreign currency auction.

    Report informs, the State Oil Fund of Azerbaijan Republic (SOFAZ) offers 50 mln. USD at the auction, while demand for US-dollar in cash exceeded half a billion.

    Analytical group of Report News Agency considers that the CBA will increase official exchange rate to 1,5363 AZN/USD on June 29.

    Notably, sharp fluctuations in the global financial markets after Brexit referendum increased demand for USD in Azerbaijan's cash market. Thus, on June 24 and 27, USD sale reached to the maximum level -1,5945 at the cash market and even USD sale limited in many commercial banks.

    According to experts of the agency, in general, with restoration of stability in global financial markets, demand for USD will drop a bit. In July and August, high demand for USD and increase of official rate to 1,56 is expected.  

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