Demand of Azerbaijani population for US-dollar increased

Baku. 7 November. REPORT.AZ/ In September, 2016, within operations on purchase and sale of foreign currency, net sales of US-dollar to the population by commercial banks in Azerbaijan amounted to 65.668 million USD.

Report informs referring to the Central Bank of Azerbaijan (CBA), as in February, April and May, the banks acted as a net buyer of currency from the population, but now again shifted to sales. In general, so far the banks sold to the population 280.999 million USD in net terms. Last September, net sales of currency by banks to the population amounted to 93.525 million USD.

Analytical Group of Report believes, the banks have become net sellers of foreign currency due to the weakening of the Azerbaijani manat against the US dollar over the past few months, as well as decline in oil prices.

Notably, the global economic crisis that began in the second half of 2014 has led to the fact that the Central Bank's foreign exchange reserves declined from a record high in July 2014 (15 193,4 mln. USD) to 11 187.9 million USD or reduced by 73.6% and as of November 1, 2016 amounted to 4 005,5 mln. USD.