Azerbaijani Central Bank Undertakes Foreign Exchange Market Sale Intervention
Date
11/1/2024 5:14:08 AM
(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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