Bank Of Baku

Dedollarization is on track in Azerbaijan domestic currency market

Dedollarization is on track in Azerbaijan domestic currency market
# 16 April 2009 14:58 (UTC +04:00)
Baku. Vugar Israfilov – APA-Economics. Azerbaijan’s domestic currency market grew by 6.32% or AZN 181.091 million on the month-on-month basis during February, said National Bank of Azerbaijan.

According to statistics, the country’s currency market reached AZN 5 943.37 million for January-February, up 105.28% on the same period last year.

Against the backdrop of growth in the currency market, dedollarization happened to intensify during the two months.

The USD exchange transactions amounted to AZN 3 467.671 million in manat equivalent, dropping to 58.35% of the total transactions, compared to AZN 2 269.894 million and 78.40% in the same period last year.

The year-on-year growth in the dollar segment was about AZN 1 197.78 in manat equivalent or 52.78% and its market share plunged by more than 20 percentage points for the first time.

As seen, the dedollarization is also reflected on the conversion trend.

The overall growth in the currency market exceeded the dollar segment growth.
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