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Azerbaijani manat's rate remains stable despite high demand for foreign currency - WB

Finance Materials 17 February 2021 22:33 (UTC +04:00)
Azerbaijani manat's rate remains stable despite high demand for foreign currency - WB

BAKU, Azerbaijan, Feb. 17

By Zeyni Jafarov – Trend:

The exchange rate of the Azerbaijani manat remained stable at 1.7 AZN / USD during January 2021, while the demand for foreign currency increased, Trend reports citing the monthly report of the World Bank (WB).

The State Oil Fund of Azerbaijan (SOFAZ) sold $645 million in January, which by more than two times topped the sales volume for Jan. 2020 and exceeded the monthly limit by 8 percent, said the WB report.

The WB report noted that the Central Bank of Azerbaijan (CBA) also issued more notes to reduce the liquidity of the manat, increasing the volume of notes by almost 60 percent by late January, to 1 billion manat ($588.2 million).

According to the WB report, the CBA's foreign exchange reserves remained stable at $6.4 billion by late January and SOFAZ assets - at $43.6 billion, same as at the end of 2019, because the increase in value offset the decline in oil export revenues.

Earlier, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov stated that by the beginning of 2021, the volume of Azerbaijan's strategic foreign exchange reserves had begun to exceed $51 billion, and added that as in previous years, the CBA constantly keeps this issue on the agenda, thus, it is possible to see the results of the monetary policy pursued in this regard.

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