Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Thursday January 21 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Growth in demand for foreign currency in Azerbaijan temporary - Central Bank

12 January 2021 18:04 (UTC+04:00)
836

By Trend

The Central Bank of Azerbaijan (CBA) sold $142.2 million to banks at the foreign exchange auction held with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on January 12, 2021, Trend reports citing the country's CBA.

The demand from banks at the auction was fully met.

At the end of the auction, the weighted average rate of the manat to the dollar amounted to 1.7 AZN / USD.

According to the CBA, the expectations, formed in recent days amid the unfounded news about the drop of the manat, circulated in the press and social networks, caused a certain demand in the cash currency market, which affected the relative growth of demand at currency auctions.

“However, due to the increase in oil prices compared to 2020, the adoption of positive decisions on oil production at the recent OPEC + meeting, the launch of vaccination programs against the COVID-19 virus worldwide and significant transfers from the State Oil Fund, the opinions about the manat’s drop are unfounded. In this regard, the growing demand for cash currency is temporary and will soon subside,” noted the bank.

“At the same time, in recent days, there have been reports that banks have problems with the sale of non-cash US dollars and this is associated with foreign exchange auctions, which is also unfounded. It’s reported that currency auctions are held by the Central Bank twice a week (Tuesday and Thursday) and the requirements of banks for cash and non-cash currency at these auctions are met in full,” added the bank.

Since 2017, the exchange rate of the national currency has been stable. In 2021, ensuring stability in the foreign exchange market will also remain in the spotlight of the Central Bank of Azerbaijan.

--

Follow us on Twitter @AzerNewsAz  

  • #AZERBAIJAN’S STATE OIL FUND (SOFAZ)
  • #CENTRAL BANK OF AZERBAIJAN (CBA)

Related News

CBA unveils amount of foreign currency sold to local banks

CBA unveils amount of foreign currency sold to local banks

19 January 19:14
CBA to auction deposits in liquidity-required cases

CBA to auction deposits in liquidity-required cases

12 January 17:45
Production at Shah Deniz gas condensate field to increase in 2021

Production at Shah Deniz gas condensate field to increase in 2021

12 January 12:18
Baku Stock Exchange holds first auction in 2021on placement of Central Bank's notes

Baku Stock Exchange holds first auction in 2021on placement of Central Bank's notes

6 January 18:32
Amount of foreign currency sold to Azerbaijani banks disclosed

Amount of foreign currency sold to Azerbaijani banks disclosed

6 January 10:25
SOFAZ's sales of foreign currency hit $637.7m in December

SOFAZ's sales of foreign currency hit $637.7m in December

5 January 13:32
Central Bank of Azerbaijan announces priorities of monetary policy for 2021

Central Bank of Azerbaijan announces priorities of monetary policy for 2021

29 December 2020 18:17
Demand of Azerbaijani banks for foreign currency revealed

Demand of Azerbaijani banks for foreign currency revealed

29 December 2020 16:48
Azerbaijan names target inflation rate for upcoming year

Azerbaijan names target inflation rate for upcoming year

29 December 2020 16:25
CBA reveals factors affecting monetary policy in 2020

CBA reveals factors affecting monetary policy in 2020

29 December 2020 15:16
  • Latest
  • Popular
10:00 • Azerbaijan shows footage from Nadirkhanli village of Kalbajar district [PHOTO/VIDEO]
20 January 19:35 • French online newspaper publishes article about January 20 tragedy
20 January 19:27 • Turkish Ministry of National Defense talks January 20, 1990 tragedy in Baku [PHOTO]
20 January 19:15 • Turkish Foreign Ministry pays tribute to martyrs of Black January
20 January 19:00 • Memory of victims of January 20 tragedy honored in Azerbaijan’s Shusha city [VIDEO]
20 January 18:52 • Anniversary of January 20 tragedy marked in Azerbaijan's Shusha
20 January 18:44 • Events of Jan.20, 1990 divided life of Baku citizens into "before" and "after"
20 January 18:35 • Kazakhstan bans import of Azerbaijani tomatoes
20 January 18:21 • Azerbaijani troops hold several events in connection with January 20 tragedy [PHOTO/VIDEO]
20 January 18:10 • Turkey mobilized to support Azerbaijan in post-war period, says ambassador
20 January 17:50 • January 20 events of 1990 aimed to strangle Azerbaijan’s fight for independence – historian
20 January 17:43 • French ambassador to Azerbaijan talks about January 20 tragedy [PHOTO]
20 January 17:35 • Azerbaijani oil prices continue to grow
20 January 17:21 • Azerbaijan discloses number of mandatory health insurance services in 2020
20 January 17:10 • Azerbaijan to assess possibilities for dev't of agrarian sector in its liberated lands
20 January 17:03 • Azerbaijan confirms 897 more COVID-19 recoveries
20 January 17:00 • January 20 tragedy not just day of sorrow, pain, but also glory - Spokesman for Turkish embassy in Azerbaijan
20 January 16:52 • Article on Black January tragedy of Azerbaijani Consul General in LA published
20 January 16:42 • Azerbaijani Ministry of Agriculture holds meeting on results of cotton growing dev't [PHOTO]
20 January 16:35 • Caspian Shipping Company’s marine flotilla reveres memory of January 20 martyrs [VIDEO]
20 January 12:55 • Russia sends additional equipment to Azerbaijan for demining liberated lands [PHOTO/VIDEO]
20 January 10:18 • MFA issues statement on anniversary of Black January tragedy
20 January 12:13 • Azerbaijan’s Consulate General in Los Angeles produces short film on Black January tragedy [VIDEO]
20 January 11:30 • National Library highlights Black January events
20 January 16:42 • Azerbaijani Ministry of Agriculture holds meeting on results of cotton growing dev't [PHOTO]
20 January 10:43 • Soviet leadership tried to break will of Azerbaijani people by sending troops to Baku in 1990 - MP
20 January 17:10 • Azerbaijan to assess possibilities for dev't of agrarian sector in its liberated lands
20 January 13:45 • Russian and Azerbaijani sappers continue defusing mines in liberated territories [PHOTO]
20 January 14:09 • Azerbaijan, Iran ink deal on railway sector
20 January 18:35 • Kazakhstan bans import of Azerbaijani tomatoes
20 January 12:41 • Azerbaijan holds minute of silence to honor January 20 victims [PHOTO/VIDEO]
20 January 14:17 • UK ambassador to Azerbaijan makes statement on January 20 tragedy
20 January 10:50 • Vatican responds to appeal of CMO chairman on Nagorno-Karabakh
20 January 16:52 • Article on Black January tragedy of Azerbaijani Consul General in LA published
20 January 13:32 • Azerbaijan develops program for recycling old cars
20 January 13:15 • Aide to Azerbaijani president shares post on Twitter on anniversary of Black January tragedy [VIDEO]
20 January 12:35 • President, First Lady visit Martyrs' Alley over 31st anniversary of Black January tragedy [PHOTO]
20 January 13:24 • Jewish community in Azerbaijan revere memory of victims of January 20 tragedy
20 January 11:54 • As always, on Day of National Mourning, we mourn with Azerbaijan - Turkish Embassy
20 January 18:21 • Azerbaijani troops hold several events in connection with January 20 tragedy [PHOTO/VIDEO]
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved