No currency auction has been held at the Central Bank over the past two months, said CBA Chairman Taleh Kazimov during a press conference today, APA-Economics reports.
He noted that the supply of foreign currency in the market sharply exceeded demand:
“Therefore, the CBA intervened in the foreign exchange market in April, and the CBA’s reserves reached $12.7 billion. We are also observing these processes in the cash market. Here too, supply exceeds demand. The current situation in the foreign exchange market is expected to continue over the next 2–3 months. It is likely that the CBA will intervene in the foreign exchange market again at the end of the year,” Taleh Kazimov added.
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