Elman Rustamov: "Azerbaijan saves more currency reserves"

The increase in foreign exchange reserves in Azerbaijan shows that more savings are being made. In other words, we are accumulating more revenues from oil and gas exports and increasing our foreign exchange reserves," Chairman of the Central Bank of Azerbaijan Elman Rustamov said at a press conference.

He said that the CBA has no interference in the exchange rate of the manat: "If the CBA buys more than $ 230 million in the foreign exchange market, it means that we have prevented the further strengthening of the exchange rate of the manat."

According to him, the increase in foreign exchange reserves in the country is an indication that we are making more savings: "In 2021, we faced a completely neutral market, which is expected to be maintained in 2022."