CBA sterilizes currency in first six months

Azerbaijan, Baku, August 11 / Trend N. Ismayilova /

The Central Bank of Azerbaijan (CBA) conducted a sterilization of foreign currency to the amount of $598,5 million in the first half of 2010. Intervention, aimed at the sale, was conducted in the first half of last year, the Central Bank said.

"The central bank implemented its exchange rate policy by expanding ways of supply on the foreign exchange market in the first half of this year", the report said.

The demand for foreign currency has decreased copared to the corresponding period of last year. It is also evident in the volume cash and hard currency imported into the country by banks. Thus, during the reporting period in relation to the comparable period of 2009 the amount of foreign exchange brought to the country and volume of transactions on foreign exchange decreased by 18 and 21.3 percent respectively.

During January-June 2010 exchange rate of manat to U.S. dollar reduced by 0,04 percent.

In the first half the nominal effective exchange rate of manat was fixed in relations to the currencies of some countries trade partners of Azerbaijan. It cheapened in relation to the currencies of other countries. The dynamics of the nominal effective exchange rate of manat has influenced the change in the real effective exchange rate.

During the reporting period manat cheapened towards the currencies of some countries (Ukraine, Kazakhstan) both nominal and real. Manat was fixed nominally in relation to Iran's currency and cheapened really.

Last year, nominal economic rate on non-oil sector in the total turnover increased by 5,9 percent. It had a downward impact on inflation. Inflation in the partner countries reduced the real economic rate by 0.8 percent. The real economic rate for non-oil sector was increased by 5 percent. During the reporting period, real economic rate and nominal economic rate rise in prices by 3,8 percent and 4,9 percent respectively.

The impact of the proportion of the U.S., Great Britain, EU, Japan, Israel and China to increase the real economic rate in the foreign trade was 13.4 percent. Turkey, Russia, Georgia, Iran, Ukraine, Kazakhstan, Belarus had an impact on improving the real economic rate by 1.2 percent.

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