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“Report”: Demand for US-dollar remains on Azerbaijani markets

Keeping the CBA's currency intervention in the same volume shows that the market trend coincides with the wishes of a regulator

Baku. 30 June. REPORT.AZ/ Today the Central Bank of Azerbaijan (CBA) has held a regular exchange auction. Report informs, the State Oil Fund of Azerbaijan Republic (SOFAZ) put up for sale 50 million USD, but the actual demand of commercial banks has exceeded 500 million USD. Analytical Group of Report News Agency predicts the growth rate for July 1 to 1,5425 AZN/USD.

Sharp fluctuations in the global financial market after the Brexit referendum affected the cash currency market in Azerbaijan. Demand for the US currency increased, and the dollar deficit has arisen in the country's commercial banks. Most banks raised their selling rate of cash dollar to a maximum (1,60 AZN/USD).

Agency experts predict that the high demand for dollars will continue in July and August and the official exchange rate may increase to 1,60 AZN/USD. To stabilize the US-dollar, CBA can increase the amount of currency sold at auction. Keeping the CBA's currency intervention in the same volume shows that the market trend coincides with the wishes of a regulator.

Analytical Group of Report News Agency predicts the growth rate of cash dollar sales up 1,70 AZN/USD.

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