The Central Bank of Azerbaijan (CBA) sold 19 commercial banks 39.37 million USD of the proposed 200 million USD through an auction on January 25. This was stated by the CBA.
"The Central Bank of Azerbaijan put up for sale $ 200 million, but the total demand of banks for foreign exchange amounted to only 39.37 million, which was fully satisfied," the CBA stated.
According to the CBA, the supply of foreign currency exceeds the demand among the commercial banks. However, many banks for some reason, sell the currency to the population in extremely limited amounts.
It would seem that after the closing of exchange offices, banks have an opportunity to increase sales and make profits. But for some reason, the banks are reluctant. Probably, banks insure risks and do not want to sell the currency reserves because of the possibility of a new devaluation of the manat.
During the last auction CBA sold half of the 200 million dollars auctioned. Thus, in comparison with the last time, the amount of currency sold by banks declined by 2.5 times.
CBA conducts auctions three times a week - on Monday, Wednesday and Friday. -16D--
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