The Central Bank of Azerbaijan (CBA) is considering the possibility of holding foreign exchange auctions using its foreign exchange reserves, Elrad Seydiyev, director of the Financial Markets Operations Department of the CBA, said in an interview with Report.
He noted that such measures are aimed at sterilizing excess liquidity in the national currency depending on the market situation, and will allow satisfying the state’s demand for expenses with a foreign exchange component.
Seydiyev added that the Central Bank’s foreign exchange reserves have been growing in recent years, which is due to interventions in the foreign exchange market and income from reserve management.
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