Azerbaijani banks increased operations on purchase and sale of cash currency in 2022

15:08 - 16.02.2023

February 16, Fineko/abc.az. The Azerbaijani banks carried out transactions on the purchase and sale of foreign currency in cash for totally $5.1 bn in 2022.

According to CBA Monetary Policy Review, compared with 2021, the transactions in the foreign currency cash market increased by 27%.

"Banks’ transactions on purchase and sale of foreign currency in cash amounted to $5.1 bn, and 85.7% of them accounted for the US dollar," the CBA said.

Starting from April 2022, net sales of foreign currency decreased 5-fold compared with the previous year due to the purchases of foreign currency exceeded sales.

During the year, the value of transactions in the non-cash currency market increased by 13.9% (against 2021) up to $31.7 bn. 83.4% of non-cash foreign exchange transactions were made in US dollars and 16.6% in other currencies.

28.6% of foreign exchange transactions were carried out on the interbank foreign exchange market (IIR), and 71.4% on the intrabank foreign exchange market (IFEM).

The operations on the IDR grew by 9.6% to the equivalent of $9 bn. 99.1% of operations in this segment were carried out in US dollars.

The volume of foreign exchange transactions on the IFEM amounted to $22.6 bn (15.8% more than last year). 77.1% of transactions were made in US dollars. 93.2% of foreign exchange transactions in the IFEM account for foreign exchange transactions with legal entities.