BAKU, Azerbaijan, September 20. The Central Bank of Azerbaijan (CBA) has increased purchases of currency to maintain the stability of the manat, Trend reports.
According to the CBA, the demand for foreign currency at 99 percent of currency auctions was lower than the supply for eight months of 2023.
"The Central Bank of Azerbaijan acquired foreign currencies in the framework of operations on the foreign exchange market in the amount of $122 million from January through August 2023, " the CBA said.
In addition, the CBA said that the bank may expand foreign currency purchase operations to ensure balance in the foreign exchange market.
The average demand at currency auctions organized by the Central Bank of Azerbaijan in 2022 amounted to $52.4 million, while the supply was $70 million.
Moreover, the CBA started conducting currency auctions by one-way sale of currency in competitive conditions in mid-January 2017.