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Foreign currency demand of Azerbaijani banks decreases

BAKU, Azerbaijan, July 15

By Zeyni Jafarov – Trend:

The Central Bank of Azerbaijan (CBA) held a new foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on July 15, 2021, Trend reports referring to a source in the CBA.

According to the source, the demand from Azerbaijani banks at the auction decreased by 4.1 percent compared to the previous indicator and was fully met.

During the auction, the CBA sold $ 51.2 million to the local banks.

At the end of the auction, the weighted average rate of the manat to the US dollar amounted to 1.7 AZN/USD.

The first foreign exchange auction for a long time was held with the participation of SOFAZ on March 10, 2020, during which Azerbaijani banks purchased $ 323.2 million.

The CBA began to conduct currency auctions through a one-way sale of currency in a competitive environment from mid-January 2017.

A decision was made in March 2020 to hold extraordinary currency auctions due to the increased demand of the population for foreign currency amid the failure of the OPEC + deal, which led to a sharp drop in oil prices.

Follow the author on Twitter: @jafarov_zeyni

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This post originally posted here Trend – News from Azerbaijan, Georgia, Kazakhstan, Turkmenistan, Uzbekistan, Iran and Turkey.

Pound to euro exchange rate: Sterling 'treading water' as value gradually decreases

The pound had an “extremely sluggish” start to the week, according to one expert, and it has not moved much since. Sterling has been steadily decreasing against the euro over the past few days. What does this mean for your travel money?

Yesterday saw the pound trade at a similar rate to today, with Mr Brown saying the week had got off to “an extremely sluggish start”.

He added: “There is, sadly, little on the docket that suggests today will be any different, with this morning’s UK labour market data likely to be ignored, and GBPEUR happy to do little more than tread water around €1.16.”

After the prime minister’s announcement on Monday, some currency experts noted that the Government’s decision to delay the lifting of lockdown rules could negatively impact the pound to euro exchange rate.

George Vessey, UK currency strategist at Western Business Solutions, shared his insight with Express.co.uk at the start of the week.

So, what does all this mean for your travel money?

With the news that the easing of lockdown has been delayed by four weeks, Britons are again faced with uncertainties surrounding international travel this summer.

Ian Strafford-Taylor, CEO of travel money specialist FairFX advised last week: “Britons hoping for an overseas break should keep an eye on any announcements and watch the pound closely to make sure they’re getting more bang for their buck by securing the best rates available for their travel money.”

Mr Stafford-Taylor commented again after the Government’s announcement yesterday, saying the confirmation of a delay to the easing of lockdown rules “didn’t come as a shock to many”.

He added: “It seems the pound is weathering the storm too, with almost no movement against the euro compared to this time yesterday.

“Brits are yet to see how this delay to restrictions at home will affect their chances of an overseas summer holiday.

“However fresh speculation that foreign travel is unlikely to reopen to popular European destinations before August won’t do much to ease people’s minds.

“This comes as major airlines including British Airways, Virgin Atlantic and easyJet have started cancelling flights set to take off before July 19.”

Mr Stafford-Taylor added: “Although it’s yet to be confirmed, this news will be a big blow for holidaymakers who have their hopes pinned on a summer break after so many months in lockdown.”

This post originally appeared on Daily Express :: Travel Feed