CBA to continue to protect national currency through sterilization
Azerbaijan, Baku, 10 June / Trend A.Akhundov /
In order to prevent significant strengthening of the manat, the Central Bank of Azerbaijan (CBA) has conducted sterilization of currency to the sum of about $1 billion since the beginning of 2013, CBA Deputy Chairman Khagani Abdullayev told Trend.
"To date, the Central Bank has acquired over $1 billion on the foreign exchange market for this purpose," Abdullayev said.
According to him, the amount of further intervention of the Central Bank will be determined by such factors as the state of the currency market, demand for imports in the country and so forth.
"We expect that the current account surplus in the balance of payments will exceed $10 billion by the end of the year. Naturally, this affects the amount of supply and demand. We expect that supply will exceed demand, as in previous years. We expect the clean sterilization by the end of the year," Abdullayev said.