US-dollar rate falls below 1.70 AZN in Azerbaijan

Baku. 29 January. REPORT.AZ/ US-dollar rate in Azerbaijan's cash currency market fell below 1,70 AZN.

Report informs, US-dollar rate declined to 1,6995 AZN/USD at Amrahbank JSC branches. Notably, since summer months dollar sold above 1,70 AZN in the cash foreign exchange market of Azerbaijan.

Analytical Group of Report said the official exchange rate may decline below 1.7001 AZN at the next auctions held by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Central Bank of Azerbaijan (CBA) this week.

The decline in the US-dollar rate caused by the decline in the US-dollar rate and growth in global oil prices.

Analytical Group of Report News Agency predicts US-dollar exchange rate in the cash foreign exchange market is likely to decline to 1.63-1,65 AZN/USD and the official exchange rate to 1,67 AZN/USD: “But by the year end, a slight increase in US-dollar rate is not an exception”.