Baku:In January through September of this year, exchange offices in Azerbaijan recorded a $759 million surplus in cash foreign currency purchases from customers, as reported by APA-Economics.
According to Azeri-Press news agency, the Central Bank of Azerbaijan (CBA) announced that the surplus for January through August was $673 million. In September alone, cash foreign currency purchases exceeded sales by $86 million.
The CBA also noted that the foreign exchange market saw supply significantly surpassing demand, prompting the bank to engage in foreign currency purchases. Over the nine-month period, the Central Bank’s foreign exchange reserves increased by 33.4%, reaching a total of $15.4 billion.