Azerbaijani Central Bank to intervene with $1.5 billion currency in 2014
Baku, Azerbaijan, Dec.2
By Abbas Akhundov - Trend:
The Central Bank of Azerbaijan (CBA) plans to conduct an intervention of $1.5 billion currency in 2014, CBA Deputy Chairman Avtandil Babayev told Trend.
According to Babayev, the CBA purchased foreign currency to the equivalent of $2 billion at the county's currency market in 2013 in order to prevent a rise in the manat price.
The situation with the currency supply at the local market remains stable, he said.
Earlier, CBA Chairman Elman Rustamov said that under the conditions when the country's balance of payments surplus totals over 16 per cent of the GDP, as well as the high fiscal activity, we managed to prevent a more rapid rise in the price of the national currency.
Currently, the manat is the most stable and reliable currency in the region. Central banks of other countries have already expressed interest in using the manat as one of their reserve currencies," the CBA chairman said.