On the foreign exchange auction of the Central Bank on Tuesday AZN suddenly and sharply rose by 5.18 kopecks, or 2.8%.
The auction ended with a rate of AZN 1.8251 per USD, while the official exchange rate on February 7 was AZN 1.8769 per USD.
It is the sharpest appreciation of the manat for one auction after the second devaluation in December 2015.
Commercial banks immediately after the news of the auction lowered their rates of buying and selling the dollar and the euro. E.g., commercial banks have set the USD purchase rate between AZN 1.75 and AZN 1.80, and the sale rate – at the level of AZN 1.82-1.84.
The euro also fell sharply. So, a week ago, banks were buying the euro for AZN 2.03-2.07 manat and selling it for AZN 2.11-2.15. Today, buying the euro starts with AZN 1.95, and the sale starts with AZN 2.03.
Meanwhile, experts believe that the strengthening of AZN is a temporary phenomenon, and after a short time the national currency will fall again. -71D-
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