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After two major interventions in the foreign exchange market by the State Oil Fund and the Central Bank of Azerbaijan the currency deficit problem is eliminated at the moment and the majority of commercial banks have resumed selling the currency.
As Turan already reported, on September 8 the State Oil Fund and the Central Bank jointly supplied 300 million USD for a foreign exchange auction, and on September 14 the State Oil Fund supplied 150 million dollars. Most of these funds have been bought by banks.
On September 15 Access Bank, Ata Bank, Bank Respublika, Bank Silk Way, Mugan Bank and Amrah Bank stated they sold foreign currency without restrictions. Nikoil Bank said it sold the currency in batches of up to $ 1,000 per person.
Demir Bank and Pasha Bank said the sale of currency was not resumed.
Note that most of the banks, insuring their risks, sell the currency at the highest and buy at the lowest possible margin. Thus, monitoring of the official websites of commercial banks showed that the currency is mainly bought at the rate of 1 USD / 1.62AZN and sold at 1.70 AZN.
According to the official exchange rate for September 15, the index was 1 USD / 1.6375 AZN. –71B--
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