Azerbaijan news

The dollar is our “love” and… a difference of 300 million

Last year Azerbaijan population cash from banks 2 billion 357 million dollars got it. That’s about 260 million more than in 2021 dollars although it is a lot, it is lower than the indicators of previous years. For example, 2020In , citizens of the country from banks, less than 3 billion dollars had bought In the early stages of the pandemic Azerbaijan the price of oil has fallen 20 since it fell below the dollar, expectations of devaluation arose in the population and this factor increased the purchase of dollars. 2018-In 2019, the average number of population banks is 3 billion bought dollars.

Looking at the dollar purchase of the population by month, it can be seen that the highest demand for dollars was recorded in January. In January last year, the population received 367 million dollars from banks. The month with the lowest demand for dollars during the year is August (total 141 million dollars).

Last year, in addition to dollars bought by the population from banks, the volume of dollars sold to banks also increased. During the year, 2 billion 40 million dollars were sold to banks. In this regard, the year-round purchase of dollars by the population exceeded the sale of dollars by more than 300 million dollars. However, it should be taken into account that a higher increase in the volume of dollars sold by the population to banks was recorded compared to previous years. For example, in 2021, the population sold only 1 billion 353 million dollars to banks. In this regard, it is clear that in 2022, the volume of dollars sold by the population to banks increased by more than 50 percent. At the same time, the highest indicator after 2016 was recorded in the volume of dollars sold by the population to banks last year. In 2022, June was the month when the population sold the most dollars to banks. In June, the population sold about 250 million dollars to banks. In terms of the same indicator, the lowest number was recorded in January. In January, the population’s sale of dollars to banks did not exceed 80 million dollars.

Why did dollar sales increase?

Last year To Azerbaijan the increase in the number of remittances sent is one of the reasons that increases the volume of dollars sold by the population to banks. It is clear from the indicators announced by the Central Bank that individuals in the first nine months of 2022 To Azerbaijan remittances amounted to 2.7 billion dollars. This is 3.6 times more than in the same period of 2021. The increase in the volume of remittances from Russia To Azerbaijan caused by an increase in the volume of remittances. Thus, during the same period, the volume of funds sent from Russia to Azerbaijan increased more than 5 times. Of the 2.7 billion dollars transferred to Azerbaijan, 2.2 billion dollars fall to Russia. For this reason, more from Russia to Azerbaijan funds remittance also has an effect on increasing the volume of dollars sold by the population to banks.

The increase of money transferred to Azerbaijan is also reflected in the increase of the share of non-residents in the deposit portfolio of individuals. According to the figures released by the Central Bank, at the end of January last year, non-residents Azerbaijan the amount of funds he kept in his banks was 294 million dollars. As a result of Russia’s attack on Ukraine in February, serious sanctions were imposed on the country’s economy. One of the most damaging areas of those sanctions is Russia’s financial sector. Russia Due to the difficulty of transactions with their banks, many people began to withdraw their funds from Russia. Official figures show that the amount of funds kept by non-residents in Azerbaijani banks reached 1 billion 174 million dollars at the end of the year. This represents an increase of nearly $900 million in 11 months.

The sale of remittances from Russia to the population in rubles bank it also shows itself in operations. According to the figures released by the Central Bank, in 2022, the population of Azerbaijan sold 19 billion 626 million Russian rubles to banks. This means an increase of more than 5 billion rubles compared to two years ago. Last year, the population bought 2 billion 160 million rubles from banks. This is approximately the amount sold to banks 10 is the percentage.

What about other currencies?

The indicators released by the Central Bank include information on the purchase and sale of other currencies in addition to the dollar. For example, in 2022, the population of Azerbaijan received a total of 210 million euros in cash from banks. This is 35 million euros more than in 2021. The population sold 106 million euros to banks throughout the year. This means that during the year, the volume of euros bought by the population from banks exceeded the volume of euros sold to banks by 2 times. Moreover, last year the euro suffered a serious loss of value and the average exchange rate was 1.7799 manats. In 2021, that indicator was 2.0172. So, last year, the average exchange rate of the euro against the manat decreased by more than 13 percent.

In 2022, the population of Azerbaijan received 22 million pounds from banks. The point of sale of British currency is more noticeable. So, last year the population of Azerbaijan sold 27 million pounds to banks. So, unlike the dollar and the euro, the population’s sale of the pound preceded its purchase. The sale of pound sterling to banks has increased several times compared to previous years. In 2014-2021, the population of Azerbaijan sold a maximum of 11 million pounds to banks throughout the year, while last year this figure exceeded 27 million.

The post Dollar “our love” and… 300 million difference appeared first on 24 hours.

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