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    Report: Official exchange rate may exceed 1,62 AZN/USD on March 9

    State Oil Fund of Azerbaijan offers 50 million US-dollar in today's auction

    Baku. 7 March. REPORT.AZ/ The State Oil Fund of Azerbaijan Republic (SOFAZ) has offered 50 million US-dollar in today's auction, which was held by the Central Bank of Azerbaijan (CBAR).

    Report was told by banking circles.

    Analytical Group of Report states that, actual demand of commercial banks for US-dollar is 6-fold more than the amount offered by SOFAZ, about 300 million USD.

    Therefore, on March 9, minimum exchange rate of US-dollar is expected to be 1,6185 manats. But exceed of the exchange rate 1,6200 AZN/USD limit is not excluded.

    'If official exchange rate for March 9, to be determined at 1,6185 AZN/USD, already on Wednesday commercial banks may increase exchange rate of cash dollar maximum to 1,6832 AZN/US, taking into account 4% of margin', the analysts said.

    Notably, today cash dollar is sold for 1,6650 manats in Baku and considering margin, selling rate can be increased to 1,6750 AZN/USD. 

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