CBA buys $1.4B from foreign exchange market

This year, the intervention of the Central Bank of Azerbaijan (CBA) in the foreign exchange market stood at $1.4 billion, Report informs referring to the bank.

As a result, the institution's foreign exchange reserves increased by 20.3% and exceeded $10.8 billion.

"Due to the large surplus in the current account of the balance of payments (up to $6.7 billion or 12.5% of GDP in 9 months), supply exceeded demand at 99% of foreign exchange auctions held by the CBA since the beginning of the year," the bank said.