Just like in January 2021, sales increased at the auctions of the Central Bank of Azerbaijan this month, Governor of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press conference, Report informs.
“This is due to the growth of state budget expenditures at the end of the year, the issuance of a larger amount of national currency into circulation, so next month we expect an increase in demand for foreign currency,” he said.
According to Rustamov, a surplus is observed in the foreign exchange market in the middle of the year: “The supply exceeds the demand, and the CBA fully meets the demand at auctions. When selling foreign currency, each bank declares its needs in cash and non-cash currency, that is, it indicates how much money it will spend on imports and sales on the domestic market,” he added.