Azerbaijan's CBA Intervenes In Currency Market
This was stated in a statement issued by the Central Bank.
It said that amid a surplus in the current account of the balance of payments and the continued dedollarization process in the financial sector, supply exceeded demand in the currency market. Under these conditions, the Central Bank made a $1.5 billion purchase-side intervention in August of this year.
As a result, during the period elapsed this year, the Central Bank's foreign exchange reserves increased by $3.8 billion, or 33%, reaching an all-time high of $15.3 billion.
The Central Bank did not rule out redirecting all or part of the foreign currency purchased from the currency market back into the market to ensure balance, depending on demand that develops in the market going forward.
It was noted that if the Central Bank continues to participate in purchase- or sale-side operations in the currency market to preserve macroeconomic stability, it will issue information on such operations.
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