BAKU, Azerbaijan, September 8. The Central Bank
intervened in the currency market last month.
This was stated in a statement issued by the Central Bank.
It said that amid a surplus in the current account of the
balance of payments and the continued dedollarization process in
the financial sector, supply exceeded demand in the currency
market. Under these conditions, the Central Bank made a $1.5
billion purchase-side intervention in August of this year.
As a result, during the period elapsed this year, the Central
Bank’s foreign exchange reserves increased by $3.8 billion, or 33%,
reaching an all-time high of $15.3 billion.
The Central Bank did not rule out redirecting all or part of the
foreign currency purchased from the currency market back into the
market to ensure balance, depending on demand that develops in the
market going forward.
It was noted that if the Central Bank continues to participate
in purchase- or sale-side operations in the currency market to
preserve macroeconomic stability, it will issue information on such
operations.
