No demand was recorded at five of the seven currency auctions held in October this year. At the other two auctions, demand totaled just $4.5 million, Governor of the Central Bank of Azerbaijan Taleh Kazimov stated at a press conference dedicated to the monetary policy decision, APA-Economics reports.
According to him, while the average supply per auction in the non-cash foreign exchange market this year amounted to $70 million, average demand totaled only $15 million.
The CBA Governor noted that supply also exceeded demand in the cash foreign exchange market. Over nine months, foreign currency purchases from customers by exchange offices exceeded sales by $759 million.
Taleh Kazimov stated that the dedollarization process in the banking sector is also continuing. Over the past 12 months, the dollarization of deposits held by resident individuals decreased by 3.3 percentage points to 25.7%, while that of non-resident individuals declined by 5.7 percentage points to 54.6%.
According to him, against the backdrop of these factors in the foreign exchange market, the CBA carried out foreign currency purchase interventions. The Central Bank's foreign exchange reserves reached a historic high of $15.4 billion.
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