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SOFAZ will put up for sale 50 million USD today

Auction may reduce demand

Baku. 13 April. REPORT.AZ/ Foreign currency sale will be carried out again in today's currency auction of theCentral Bankof Azerbaijan (CBA). Report informs, the auction plans to sell assets of the State Oil Fund (SOFAZ) in the amount of 50 million USD.

Analytical Group of Report News Agency considers that the auction may reduce demand. In this case, the rate may drop to 1,5225 AZN/USD. The maximum limit of the exchange rate may be 1.5302 AZN / USD Increased sales in the cash market may lead to lower rates.

The experts pointed out that generally, there is a tendency to reduce the rate of purchase and sale of cash dollar amid rising oil prices. And by the summer the dollar is predicted to increase in supply, which will be resulted with decline in the rate to 1,40 AZN/USD.

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