WB assesses impact of depreciating currencies of trading partners on Azerbaijani manat

Sales of foreign currency by the State Oil Fund of Azerbaijan (SOFAR) more than doubled in August compared to July, although they remained 4.6% lower than a year ago, Report informs referring to the monthly economic bulletin of the World Bank (WB).

The exchange rate remained stable at AZN 1.7 per US dollar, while the Central Bank of Azerbaijan (CBA) increased its reserves.

Central Bank reserves rose 1.3% in nominal terms to $7.5 billion in August as subdued demand for the currency helped build reserves. says in the bulletin.

The nominal effective exchange rate of the manat appreciated by 10.5% as the currencies of some trading partners depreciated.

In January-August 2022, SOFAZ sold foreign currency of $3.392 billion - 9.3% less compared to the same period in 2021.

In August, the Fund's foreign currency sales amounted to $440.5 million.