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CBA says no deficit of foreign currency recorded

24 August 2015 15:39 (UTC+04:00)
CBA says no deficit of foreign currency recorded

By Aynur Karimova

The Central Bank of Azerbaijan considers the rumors about the deficit and the failure to sell foreign currency in the foreign exchange market groundless.

The CBA reported on August 22 that the banks' needs in cash and cashless currencies were fully satisfied and there are adequate currency reserves to further meet their needs.

"In order to ensure stability of meeting the demands of the population and economic entities in foreign currency, the banks' exchange branches and departments that have expanded branch network, are operating in normal mode and will continue to sell currency on Sunday as well," the CBA reported.

The Central Bank gave reasons for why some banks have been diverging from their internal regulations.

"The situation in the foreign exchange market is fully under the control of the Central Bank, and regular monitoring is being conducted," the CBA said.

The official rate of the U.S. dollar to the Azerbaijani manat as of August 24 was set at 1.0470 manat.

Economic processes taking place in the world, the fluctuating oil prices and the devaluation of the Chinese yuan by 4.6 percent in particular, has forced regional countries to depreciate their national currencies.

The Russian ruble has weakened against the euro and the dollar as a result of the recent decrease in the price of oil. A few days ago, the exchange rate of the U.S. dollar was 66 rubles, while one euro amounted to 74 rubles. This was the ruble’s worst showing since the beginning of the year.

The weighted average rate of tenge fell to 255.26 tenge per dollar from 188.38 tenge for the first trades on the Kazakhstan Stock Exchange on August 19. Then on the following day, Kazakh Prime Minister Karim Massimov announced that Kazakhstan had launched a new monetary policy based on a free-floating tenge and canceled the currency corridor.

On August 21, the exchange rate of the U.S. dollar was set at 6.54-6.56 somoni at exchange offices of the country and 6.77-6.79 somoni in the black market.

The som of Kyrgyzstan has depreciated to its absolute minimum against the dollar in the history of the country. According to the Central Bank of Kyrgyzstan, the exchange rate of the dollar amounted to 62.145 soms.

Last weekend the exchange rate of the dollar was set at 2.93 liras in the Turkish foreign exchange market. According to the Central Bank of Turkey, the fluctuation of the lira was due to the unstable situation in international currency markets.

The Georgian lari has also depreciated to 2.3271 lari against the dollar.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

Follow us on Twitter @AzerNewsAz

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