BAKU, Azerbaijan, May 6. The Central Bank of Azerbaijan (CBA) expects to resume interventions in the foreign exchange market by the end of this year, CBA Chairman Taleh Kazimov said at a press conference on interest rate corridor parameters, Trend reports.
"Over the past two months, the Central Bank has not held any foreign exchange auctions. The supply of foreign currency on the market has sharply exceeded demand. Consequently, the Central Bank intervened in the foreign exchange market in April, and its reserves stood at $12.7 billion. We are also seeing these trends in the cash market, where supply exceeds demand. The current situation in the foreign exchange market is expected to persist over the next 2–3 months. It is anticipated that the Central Bank will intervene in the foreign exchange market again at the end of the year,” Taleh Kazimov noted.
The Central Bank intervened in the foreign exchange market some time ago.
According to the Central Bank, low demand at foreign exchange auctions in recent periods has led to an excess of supply in the foreign exchange market, and under these conditions, the Central Bank carried out buying interventions totaling $1 billion in April.
