The foreign exchange market of Azerbaijan operates under the conditions of a balance of payments surplus, Report informs via the Central Bank of Azerbaijan (CBA).
According to the statement, there was a surplus of 11.5 percent of the gross domestic product (GDP) in the current account of the balance of payments at the end of 2023.
"According to the forecasts, if the current trends continue, it is expected that the current account will be in surplus by the end of 2024 (January forecast: $7–$8 billion). At the same time, the continued decrease in the dollarization of deposits in February shows that confidence in the manat as a means of accumulation is preserved. Thus, in February, excluding the financial sector, the level of dollarization of deposits of legal entities and individuals decreased by 1.3 percentage points compared to January, and by 9 percentage points compared to February 2023," CBA stated.