Monthly volume of the "black" currency market could reach $50 million

Most commercial banks in the country for several days do not sell foreign currency. Poll by Turan showed that against the dollar increase, commercial banks either do not want or do not have foreign currency assets for sale. All this has led to the activation of the "black" currency market, because citizens have no alternative but to buy foreign currency at the black market.

Experts believe that with the current inflation and the reduction of the income of the population does not have a lot of money, but thousands of people traveling to the tours, pay for education abroad, medical treatment, commerce, etc. need foreign currency.

Economist Natig Jafarli believes that the share of the population in the foreign exchange buying and selling low. The main burden falls on the banks and companies with external liabilities. Also, the currency is  needed to import transactions. According to Jafarli, only 5% of the total volume of foreign exchange transactions accounted for the population.

According to expert estimates, the monthly demand for foreign currency in the country is $1-1.5billion. Thus, according to the most conservative estimates, the share of the population accounts for about $50-55 million. If commercial banks refuse to sell, then this volume citizens buy in the "black" market.    The official dollar exchange rate on November 25 is 1.7196 AZN. Commercial banks buy dollars for 1,77-1,78 manat, and sell for 1,78-1,79 manat.   In the "black" market, the dollar is bought for 1,805, and sold for 1,815 manat.–71В-