Central bank buys $1 billion to stabilize Azerbaijan’s currency market

Azerbaijan’s currency market has recorded a sustained surplus in recent months, as foreign exchange supply outpaced demand amid a strong current account surplus and ongoing de-dollarization trends, AzerNEWS reports. The development has contributed to a continued increase in the country’s foreign exchange reserves, according to the Central Bank of Azerbaijan (CBA). The CBA noted that the excess supply in the currency market has been evident across both cash and non-cash segments. The trend has been particularly pronounced in recent foreign exchange auctions, where subdued demand has led to a buildup of surplus liquidity. Against this backdrop, the central bank conducted purchase-oriented interventions totaling...

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