Baku: In Azerbaijan, supply exceeds demand in the currency market. In recent currency auctions, orders amounting to 70 million dollars have been placed in a single auction, said Taleh Kazimov, the Chairman of the Central Bank of Azerbaijan today at a press conference, APA-Economics reports.
According to Azeri-Press News Agency, the average volume of currency sales per auction is 45-50 million dollars. The CBA Chairman added that confidence in the Azerbaijani manat is high. This is also reflected in the level of dollarization of deposits. Currently, this figure is around 29%. The Central Bank’s target is to reduce the dollarization of deposits to 20-25%.