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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