BAKU, Azerbaijan, June 10
By Zeyni Jafarov - Trend:
At the moment, $364 million of the State Oil Fund of Azerbaijan (SOFAZ), which were not sold in accordance with the schedule at the foreign exchange auctions, Trend reports on June 10 referring to the statement of the Central Bank of Azerbaijan (CBA).
The CBA stressed that in accordance with the preliminary estimates, a surplus of 5.6 percent of GDP was observed in Azerbaijan's current account balance in the first quarter of 2021.
According to the CBA, the demand for foreign exchange auctions, as well as for cash and non-cash segments of the foreign exchange market, has been greatly reduced since February 2021.
The current trends are influenced by the acceleration of the process of global economic revival as a result of easing quarantine restrictions amid the successfully implemented vaccination programs against COVID-19 in the world, the recovery in oil prices on the world energy markets, the growth of Azerbaijan's non-oil export and the ongoing countercyclical macroeconomic policy.
The CBA stressed that the availability of these internal and external factors testifies that the stability of the Azerbaijani manat exchange rate is associated with fundamental factors, as well as that the balance in the foreign exchange market will be ensured in the coming period.
Earlier, the head of the CBA Elman Rustamov stressed that there was an increase in demand for foreign currency only in January since the beginning of the year, in general, the Azerbaijani foreign exchange market remains stable.
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