Azerbaijani Central Bank Undertakes Foreign Exchange Market Sale Intervention

2024-11-01 05:14:08

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 1. The Central Bank of Azerbaijan (CBA) conducted special sales in foreign currency amounting to $424 million to support the execution of government expenditures (government projects and activities, defense, reduction of foreign currency liabilities, and other strategically important projects) this October, Trend reports via the CBA statement.

According to the statement, this year, stability has been maintained in the foreign exchange market, with demand fully met during currency auctions organized by the CBA. Overall, the foreign exchange market operates with a surplus balance of payments.

As a result, the CBA's foreign currency reserves decreased by $241 million over the past 10 months.

The currency sales by the Central Bank were made using foreign currency amounting to $2.1 billion, which was purchased in the foreign exchange market in 2023. These sales help sterilize part of the increasing money supply through foreign exchange interventions aimed at previous purchases, thereby supporting macroeconomic stability in the medium term.

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