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CBA statement in connection with operations in the foreign exchange market

10.09.2019,11:12


September 10, Fineko/abc.az. In the first half of 2019, the supply and demand ratio in the foreign exchange market and the manat to foreign currencies were formed in accordance with the trends in the balance of payments, Abc.az reports referring to the Central Bank of Azerbaijan's monetary policy statistics for January-June.

According to the review, the dynamics of foreign economic operations of economic entities has become the main factor determining the volume of operations in the foreign exchange market in the current year. Thus, the volume of transactions in the non-cash foreign exchange market in the first half of the year in dollar terms amounted to 12.1 billion. For the indicated period, 81.4% of operations in the non-cash foreign exchange market were conducted in US dollars, 18.6% in other currencies.

34.4% of non-cash foreign exchange transactions were carried out in the interbank foreign exchange market (IMB), and 65.6% in the interbank foreign exchange market (VVR). In the reporting period, 94% of operations on the World Bank were conducted in US dollars,  5% in euros, including operations with the British pound, Russian ruble and 1% in other currencies. The turnover on foreign exchange transactions at the IMB was formed mainly due to operations conducted on the Bloomberg platform.

The volume of foreign currency transactions on the WWR amounted to $8 billion, of which 75% were transactions with the US dollar.

In the interbank foreign exchange market  91.1% of foreign exchange transactions  were foreign exchange transactions with legal entities. The volume of transactions on purchase and sale of cash foreign currency by banks for the reporting period amounted to $2.7 billion.

Of these, $ 2.1 billion, or 77.8%, were transactions with the US dollar.

During the period, the Central Bank continued to organize tenders for the implementation of foreign exchange sales of the State Oil Fund of the Azerbaijan Republic (SOFAZ).

Posted by Elmir Murad