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US dollar loses its role in Azerbaijanâ€™s currency market

US dollar loses its role in Azerbaijanâ€™s currency market

04 February 2009 13:54 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. Azerbaijanâ€™s domestic currency market totaled AZN 26 567 038 900 in 2008, said the National Bank of Azerbaijan.
The central bank said the figure is a 75.49% or AZN 11.428 billion rise on a year ago.
The domestic currency market reached peaks in October (AZN 3.348 billion) and December (AZN 3.368 million).

Interestingly, the transactions in the US dollar accounted for 69.85% of the currency market in 2008, compared to 80% in 2007.
The de-dollarization trend also manifested itself in he conversion transactions.

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