“The demand for dollars is increasing again in currency auctions. 241.1 million dollars were sold in the last 3 auctions. On the other hand, in the last 3 auctions, each sale was more than the previous one.
Publika.az MP Vugar Bayramov shared this on his social media account.
He noted that in the auction held on November 28, there was a demand of 68.2 million dollars, on the last day of last month there was an order of 77.8 million dollars, and yesterday there was an order of 95.1 million dollars:
“The increase in demand for the dollar is mostly due to seasonal factors. Thus, in December, the demand for foreign currency of both businesses and citizens increases. As previously predicted, demand for dollars was expected to increase in December. Thus, the presence of the last month in the current fiscal year for the foreign debt obligations of state and private enterprises and banks, the increase in imports, and the increase in foreign trips due to holidays increase the demand for dollars.
As for how the exchange rate of the manat will change in the context of the increase in demand for the dollar, Azerbaijan has not yet switched to a floating exchange rate regime. Practically, the exchange rate of the manat directly depends on the decisions of the Central Bank of Azerbaijan. The Central Bank retains the ability to directly intervene in the process. Therefore, how the exchange rate of the manat will change next year will directly depend on the position of the Central Bank of Azerbaijan.”
Aysel Shahmar
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