Supply exceeded demand at currency auctions last year, said Central Bank of Azerbaijan Governor Taleh Kazimov today at a press conference held on the interest rate decision, APA-Economics reports
He noted that while supply at one auction amounted to $70 million, demand stood at $54 million. In January, purchases of US dollars by the public fell to the lowest level of the past three to four years, totaling $18 million.
Even a portion of the Oil Fund's transfers was offered to the Ministry of Finance in dollars. “We are ready to sell these funds in the coming months if demand arises.”
The CBA governor added that under the current conditions, greater attention is being paid to changes in the balance of reserves.
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