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    SOFAZ will put up for sale 50 mln USD today

    Tomorrow the exchange rate may reach 1, 5094 AZN/USD

    Baku. 26 April. REPORT.AZ/ Sale of currency will be carried out again at today's auction of the Central Bank of Azerbaijan (CBA).

    Report informs, the auction plans to sell assets of the State Oil Fund (SOFAZ) in the amount of 50 mln USD.

    Analytical Group of Report News Agency states that demand may reduce at today's auction and CBA will like to make an intervention. In this case, the rate may reach the level of 1, 5094 AZN/USD tomorrow. Increased sales of dollar in cash currency market is expected to raise."

    Notably, today,the official exchange rate is 1.5056AZN/ USD

    In last exchange auction held on April 26, 4.9 million USD out of 50 million USD sold to 5 commercial banks and 30 million USD to Central Bank sold dollars.

    From this week on the background of decline in the demand for foreign currency CBA reduced the number of currency auctions from 3 to 2 times. 

    Analytical Group of Report News Agency believes that rising oil prices, positive global economic situation and the beginning of the tourist season closer to summer will lead to oversupply of dollar on the market. In this case, the Central Bank may reduce the amount of currency auctions to once a week.

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