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Report Analytical Group: US-dollar rate is expected to increase tomorrow

At today's auction the demand of commercial banks for dollars exceeded offer by two times

Baku. 2 March. REPORT.AZ/ Actual demand of 23 commercial banks amounted to over 200 mln USD against 100 mln USD, sold at today's currency auction by the State Oil Fund of Azerbaijan Republic (SOFAZ).

Report informs, the high demand of banks for dollars has led to an increase in rate at today's auction to 1,5843 AZN / USD. Note that, exchange rate formed on auction is above the current rate by 0.5%.This means that the Central Bank to abandon the policy of daily exchange rate at + 0.2% and increased margin to 0.5%.It should be noted that at today's auction banks offered the maximum rate. Notably, the official exchange rate on March 2 is set at the level of 1,5764 AZN/USD.

Analytical Group of Report News Agency believes that the reduction of the Central Bank exchange rate of manat in the current economic environment is groundless: "The reasons for the decline of the manat against the backdrop of rising oil prices and the strengthening of national currencies of neighboring countries, in particular, the ruble is unclear.Today's auction results show that the official rate will rise to 1,5843 AZN / USD tomorrow".

Monitoring Group of Report notes that the selling rate of cash dollar in commercial banks has exceeded 1,60 AZN/USD.

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