During the past period of this year, supply in the foreign exchange market significantly exceeded demand, APA-Economics reports, citing the Central Bank of Azerbaijan (CBA).
It was reported that this was observed in both cash and non-cash segments. In eight months of 2026, purchases of cash foreign currency from customers by exchange offices exceeded sales by $673 million. The dollarization level of deposits held by resident individuals decreased by 3.7 percentage points over the past 12 months, falling to 25.8% in July 2026.
Amid a sharp decline in demand and an increase in supply in the foreign exchange market, the Central Bank carried out foreign currency purchases. Over the eight months, the Central Bank’s foreign exchange reserves increased by 32.9% to $15.3 billion. This is a historical high for the Central Bank’s foreign exchange reserves.
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