OREANDA-NEWS. November 10, 2009. The Central Bank of Azerbaijan expects completion of period of reduction of turnover at the Baku Interbank Currency Exchange (BBVB).

CBA general director Khagani Abdullayev says that in November and December there will be observed essential growth of exchange operations as minimum under impact of seasonal factors.

“Rise in oil prices is telling on: State Oil Company of Azerbaijan’s earnings are increasing and SOCAR sells more foreign currency for payment of taxes to country’s budget,” Abdullayev emphasized.

At the same time today the currency market exists at the expense of sale of foreign currency by the State Oil Fund of Azerbaijan (SOFAZ).

“The currency market grows as the main supply of currency for the market is ensured by SOFAZ’s money. Now, however, currency supply through other channels has diminished to the certain extent, and the foreign currency sold by the SOFAZ is absorbed by 99% by the market itself. We as the CBA buy probably 1%. Real demand at the market is equal to supply,” Abdullayev said.