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Report: US-dollar could not exceed a psychological mark

Forecast: Dollar will slightly get cheaper

Baku. 8 September. REPORT.AZ/ In the "black market" currencies of Azerbaijan, US- dollar could not exceed a psychological mark of 1,84 AZN/USD.

Analytical Group of Report notes that price of the dollar raising since May 2016 after reaching the mark of 1,84 AZN/USD began to wane.

After the second devaluation in December 2015 the dollar exchange rate on the "black market" on January 13 reached 1,84-1,87 AZN/USD, the Central Bank of Azerbaijan Republic (CBAR) decided to apply a 4% margin. After this decision, the official exchange rate began to decline, and on May 25, reached the mark of 1,49 AZN/USD. Dollar fell to 1,45 AZN/USD in banks.

In today's currency auction CBAR and the State Oil Fund of Azerbaijan (SOFAZ) put up for sale 300 mln USD. SOFAZ said these funds were sold to 22 commercial banks. After the publication of the official data of the CBAR the number of banks bought the currency may be increased.

According to the information from banking circles demand for US-dollar was 340 mln USD and only 90% was met.

"Reducing the demand for foreign currency by almost half in today's auction to the mark of 600-700 mln USD show that banks have stated inflated sums to buy up as much currency as possible. At the same time, banks knew in advance that at today's auction currency proposal will be higher than usual volume (50 mln. USD) and specified in the application the amount they needed."

Analytical Group of Report predicts decline rate of cash dollar sales up to 1,65 AZN/USD.

The official exchange rate will move in the range of 1,60-1,70 AZN/USD until the end of the month, depending on the amount of foreign currency supply in the auction. 

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