11:35 - 9.10.2023

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October 9, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has published the cause why official foreign exchange reserves have grown to the highest level in the last 8 years.

According to the CBA, over the past 2 years, supply has exceeded demand at most currency trades held at the CBA under conditions of the balance of payments surplus and ongoing de-dollarization processes.

Therefore, in order to ensure the balance in the foreign exchange market, the CBA has been intervening in the foreign exchange market in recent months in connection with fiscal operations.

As in previous years, interventions led to an increase in the CBA's foreign exchange reserves.