Bank Of Baku

CBA sterilizes $640 mln in first half year

CBA sterilizes $640 mln in first half year
# 10 August 2012 11:53 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. During first half of 2012, Central Bank of Azerbaijan continued to conduct its exchange rate policy within the targeting of USD/manat bilateral rates, said CBA’s Monetary Policy Review.

According to review, the supply exceeded demand in the currency market in the condition of large surplus in balance of payment. But, Central Bank has realized $ 639.4 mln currency sterilization during 6 months to prevent significantly strengthening of exchange rate and therefore neutralize negative impacts on competitiveness of non-oil sector.

Consequently, the exchange rate of manat against USD was strengthened by 0.1%.
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