On July 12 Azerbaijani commercial banks have bought at the auction by four times more dollars than usually. Thus, the State Oil Fund (SOFAZ) has sold at the foreign exchange auction of $100 million and the Central Bank of Azerbaijan sold another 100 million to commercial banks. A total of 29 banks participated in the auction, said the SOFAZ and Central Bank. Total for July SOFAZ sold the banks $200 million.
Until now at the auction were not sold more than 5$0 million some of which are not redeemed by banks. However, in the last 10 days, the entire amount of $50 million was sold without reserve, and today the amount of sales increased by four times.
Experts and officials have not commented on this fact, however, many observers predict the further cheapening of manat, and perhaps another devaluation. Against this background, the purchase of foreign currency by banks is becoming one of the ways to avoid losses. -02D-
Economics
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