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    Central Bank declares volume of net foreign currency sales

    CBAR has no quantity target on exchange rate

    Baku. 24 February. REPORT.AZ/ After applying 'floating exchange rate', intervention of the Central Bank to the currency market has significantly reduced. Totally, net foreign currency sales of the Central Bank of Azerbaijan Republic (CBAR) in 2015 made 8.4 billion USD.

    Report informs citing CBAR's 'Monetary Policy Review', volume of net foreign currency reserves of the CBAR to the end of 2015 made 5 billion USD. Net foreign currency reserves of the CBAR was equal to 90,3% (minimum 20% according to international standards) of broad money supply (M2) in AZN.

    Information declares currently, the CBAR carries out foreign currency sales through auctions.

    Noted that, in 2015, manat went down in comparison with other currencies. During 2015, USD has risen by 98.8%, Euro by 79% to AZN.

    Index of the nominal effective exchange rate of manat in non-oil sector fell by 23.3%.

    The real effective exchange rate in non-oil sector reduced by 23.5%.

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