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CBA increases currency sterilization sharply

27 February 2012 13:39 (UTC +04:00)

So, CBA has started to conduct its policy within the framework of targeting of dollar/manat bilateral currency within corridor since early of 2011. This mechanism allows the Bank to switch to free-floating exchange rate regime.

According to review, the supply in currency market in the condition of creation of large surplus in Balance of payment of Azerbaijan was extended. But, CBA has conducted $ 4.153.2 mln-sterilization in 2011 to prevent the strengthening of exchange rate and therefore neutralize the negative influences in competitiveness of non-oil sector, up three times from 2010.

Consequently, exchange rat of manat against dollar was strengthened by 1.4%.