In the News
Azerbaijan Central Bank: 88% of country’s foreign exchange market accounts for U.S. dollar
June 18, 2012
Baku, Fineko/abc.az. The Central Bank of Azerbaijan, which published a report on activities for 2011, has stated that the domestic foreign exchange market is under the authority of the U.S. dollar.
The CBA annual report says that in 2011 the volume of the country’s foreign exchange market totaled $32 billion. At that, 88% of the market accounted for U.S. dollars.
"Intrabank conversion provided 73% of the foreign exchange market," the report says.
At the same time drastic changes occurred in the segment of the interbank foreign exchange transactions.
"93% of the interbank foreign exchange transactions were committed in the Bloomderg trading system,” the report says.
The 24 banks participated in these operations.