17:22 - 17.06.2022

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June 17, Fineko/abc.az. The average price of Brent crude oil was $105 for the past period of 2022, ABC.AZ reports with reference to Central Bank’s report.

According to international organizations’ forecasts, by the end of the year the price of oil will exceed $100. The positive impact of natural gas exports on the balance of payments is also increasing. At that, non-oil exports maintain high growth rates.

The improvement in the indicators of the external sector and its impact on expectations are also evident in the foreign exchange market. Since the last monetary policy meeting, there has been a significant decline in demand for currency auctions organized by the Central Bank. Thus, the total supply of the currency put up for auction in May was $560 million, and the demand was $288 million. In May, the purchase of foreign currency by banks in the cash foreign exchange market exceeded sales.