In the first half of 2022, the exchange rate of the Azerbaijani manat against foreign currencies was formed in accordance with the supply-demand ratio in the foreign exchange market.
"APA-Economics" informs that this is stated in the "Monetary Policy Overview" of the Central Bank of Azerbaijan (CBA).
It was noted that the improvement of the balance of payments during the reporting period supported the supply in the foreign exchange market and thus the main anchor of price stability - exchange rate stability.
During the reporting period, the volume of transactions in the foreign exchange market changed in the direction of growth in all market segments
In the first quarter, the amount of transactions carried out in the non-cash foreign exchange market increased by 20% compared to the previous year and was equal to 14.6 billion US dollars.
84.9% of non-cash currency operations were conducted in dollars, and 15.1% in other currencies.
28.4% of currency operations were carried out in the interbank currency market (BVB), and 71.6% in the intrabank currency market (BDVB).
During the reporting period, the value of operations at BVB was equivalent to 4.2 billion dollars, and increased by 16.7% compared to the same period last year.
98.7% of transactions in this segment were conducted in dollars.
The turnover of foreign exchange transactions at BVB was formed mainly due to transactions carried out on the "Bloomberg" platform.
The value of currency transactions at BDVB was equivalent to 10.5 billion dollars, which is 22.1% more than the same period last year.
79.4% of transactions were made in dollars.
93.1% of currency transactions in BDVB were made with legal entities.
The value of transactions conducted by banks on the purchase and sale of cash foreign currency increased by 38.2% year-on-year and was equal to 2.6 billion dollars.
87.6% of it was made up of dollar transactions.
Net sales of cash foreign currency increased by 40.8% in 6 months compared to the corresponding period of last year due to high sales in the first quarter.
However, in April, May and June, the situation changed and the purchase of foreign currency by banks exceeded the sale.