Net sales of US-dollar by banks fell 30 times in Azerbaijan

Baku. 11 April. REPORT.AZ/ 2.27 million USD was sold to population as a result of foreign currency exchange transactions with the US-dollar by Azerbaijan-based commercial banks in February 2017. Net sales made 67.51 mln USD in January. Net US-dollar sales declined by 30 times in monthly comparison.

Notably, in 2016, commercial banks have sold total of 445.44 mln USD to population. In February last year commercial banks have purchased 140,9 mln. USD from population.

Analytical Group of Report notes that, sharp decline in cash dollar sales by banks' associated with stabilization of exchange market and weakening of Azerbaijani manat against US dollar in February.

Notably, the global economic crisis that began in the second half of 2014, led to the fall in foreign exchange reserves of the Central Bank in July from the maximum level of 15 193,4 mln. USD to 10 760,7 mln.USD or 70,8% as of March 1, 2017 to the level of 4 432,7 mln. USD.