The Central Bank of Azerbaijan (CBA) may intervene in the currency market with a purchase-oriented approach, said the Chairman of the CBA, Taleh Kazimov in response to APA-Economics' question at a press conference held.
He noted that looking at the results of the first nine months of this year, supply in the currency auctions is quite high and exceeds demand: “If this process continues, we will probably intervene in the market with a purchase-oriented approach. But currently, no specific amount is being discussed, and we cannot say whether it will be 300 or 600 million dollars. Because there are budget expenditures until the end of the year, and this must be taken into account.”
Note that in its October report, the International Monetary Fund forecasted the Central Bank of Azerbaijan’s reserves to be 11.9 billion dollars by the end of this year. The Central Bank’s foreign exchange reserves as of October 1 of this year amounted to 11.31 billion dollars. This means that the IMF expects the CBA’s foreign exchange reserves to increase by around 600 million dollars.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
