BAKU, Azerbaijan, February 4. The Central Bank
of Azerbaijan (CBA) transferred $541 million not sold on the
currency market to the Ministry of Finance, CBA Chairman Taleh
Kazimov said at a press conference held today on the parameters of
the interest rate corridor, Trend reports.
According to the chairman, part of the funds in foreign currency
was transferred to the Ministry of Finance without converting into
manat.
"In the coming months, of course, in the conditions of demand,
we will use it in the foreign exchange market, but still, the
population sold more currency than it bought. Considering the
transfer amount, about $400-450 million less was sold in the
foreign exchange market due to the lack of demand," he
explained.
Kazimov stressed that there was no special increase in the
foreign exchange market in January either.
"There were sales of about $300-350 million, while according to
the plan, about $700 million in foreign exchange should have been
sold. At the same time, we are also reviewing cash purchases. The
lowest result was recorded in January in the last several years. A
negative balance of $18 million was recorded. That is, the
population sold $18 million more in foreign exchange than it
bought. This is the lowest indicator for January in the last
several years. Therefore, there is stability in the foreign
exchange market, and we don't see any risks here," the official
added.
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