USD Rises Sharply in Azerbaijani Banks

In recent days, the commercial rate of AZN has fallen significantly and the Azerbaijani banks conduct foreign exchange operations with an extremely acceptable margin of 4%.

So, the official rate of the Central Bank as of 24 June amounted to 1 USD = 1.5332 AZN (this rate will continue in the coming three days), but in commercial banks USD could be bought much more expensively - for 1.58-1.594. At the same time, many banks do not sell more than 500 dollars to a single buyer.

Such a sharp appreciation of the dollar is due to the fact that the Central Bank has been steadily lowering the AZN rate for a third week in a row. On the other hand, the excitement was triggered by the collapse of many of the world's currencies against the USD due to Brexit.

Azerbaijani experts predict a further decrease in the AZN exchange rate and even a new devaluation. A Member of Parliament, former First Vice-Premier of the government, Vahid Ahmadov in particular predicted rise in price of the dollar to 1.7-1.8 AZN. -03D-