Central Bank says of no decrease of manat rate

15:15 - 12.01.2021


January 12, Fineko/abc.az. The growth of demand for cash in dollars in Azerbaijan is temporary and will slow down in the near future.

ABC.AZ was informed at the Central Bank that $142.2 million was sold at the CBA currency auction organized on 12 January.

"Expectations formed amid the unfounded reports about the fall of the manat exchange rate led to a slight increase in demand in the foreign currency market, which led to a relative increase in demand at currency auctions. However, given the increase in oil prices compared with the past year, the recent OPEC+ meeting and the positive decisions taken on the oil production, vaccination programs against Covid-19 virus and significant transfers from the State Oil Fund, we note that statements about the manat devaluation are groundless. In this regard, we believe the growth in demand for cash foreign currency is temporary and will slow down in the near future," the CBA noted.

The regulator also stated that various reports about problems with the sale of US dollars in the domestic banks in non-cash form and the connection of this fact with currency auctions are unfounded.

"The Central Bank holds currency auctions twice a week (Tuesday and Thursday), and these auctions fully meet the requirements of banks, both in cash and in non-cash currency," the CBA stressed.

The regulator noted that during 2021 it will pay attention to maintaining the stability of the national currency exchange rate.

 

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