CBA plans to keep national currency regulation regime unchanged
Baku, Azerbaijan, Nov.3
By Maksim Tsurkov - Trend:
The volume of monetary interventions carried out by the Central Bank of Azerbaijan, amounted to about $1.3 billion for the first 9 months of 2014, the Deputy Chairman of CBA Khagani Abdullayev told Trend Nov.3.
"The volume of monetary intervention on the results of 2014 will approximately amount to $1.5 billion, according to our forecasts," he said. "It amounted to about $1.3 billion for the first 9 months of 2014, which is a good indicator."
Abdullayev said that in 2015 the Central Bank plans to allocate $1.5-2 billion for the operations in the domestic monetary market.
He also said that the ratio of currency will not change in the currency basket.
"We do not plan any changes in the ratio of currencies in the basket so far," Abdullayev said. "The rate of AZN will be regulated in the same mode. In fact, we tied it to the USD, and it's a convenient option. Now the USD prevails in all foreign trade operations, and recently there has been a trend of strengthening of the USD against the EUR."
In 2010, the CBA purchased currency worth $1.385 million, in 2011 - $4.153 million, in 2012 - $1.584 million, in 2013 - $2.457 million, and in the first half of 2014 - $967.4 million.
Monetary intervention is carried out in order to prevent excessive reduction in price of a foreign currency or to strengthen the national currency, and is a purchase of an excess amount of the foreign currency.