15:09 - 1.11.2023

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November 1, Fineko/abc.az. As of November 1, 2023, the foreign exchange reserves of the Central Bank of Azerbaijan (CBA) amounted to $10.5 billion (7.4% more than on October 1).

ABC.AZ reports with reference to the CBA that for the past 10 months of 2023, foreign exchange reserves grew by 16.8%.

"At 99% of currency auctions organized by the Central Bank in 2023, supply exceeded demand. For this reason, during the 10 months of this year, CBA interventions in the foreign exchange market were associated with the purchase of foreign currency. In particular, in 10 months, the Central Bank bought currencies for $1.247 billion," the CBA statement says.

The CBA emphasizes that this situation has led to an increase in the bank's foreign exchange reserves.

"Over Jan-Oct 2023, CBA foreign exchange reserves increased by 16.8% or by $1.5 billion to $10.5 billion," the CBA said.