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Population euro purchase exceeds euro sale by 14 times in Azerbaijan

Population euro purchase exceeds euro sale by 14 times in Azerbaijan

12 March 2009 13:40 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan-based banks reported â‚¬6 642 700 for â€œwe buyâ€ transactions and â‚¬90 253 000 for â€œwe sellâ€ transactions in euro for January, said the National Bank of Azerbaijan.
The cash euro transactions totaled â‚¬96 895 700 in the first month of 2009, up 71.5% on a year ago.
This shows that the euro purchase by population exceeded the euro sale by 13.6 times in January.
The fact that the dollar purchase by population also exceeded the dollar sale by 4 times in January indicates a great demand for foreign currencies in Azerbaijan.
Euro was trading at 1.0594 manats on average in January, nearing the parity with the home currency.
Euro was trading at 1.2428 manats in January 2008.

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