In the first five months of this year, the purchase of cash foreign currency in Azerbaijan exceeded sales by $311 million, according to the latest statistics from the Central Bank of Azerbaijan (CBA).
The Operative Information Center-OMM reports, citing the CBA, that this trend was observed across both cash and non-cash market segments.
Furthermore, the dollarization level of deposits held by resident individuals has continued to decline, dropping by 2.8 percentage points over the last 12 months to reach 27% in May. Concurrently, remittances flowing into the country between January and May increased by 28.8% compared to the same period last year, totaling $560.1 million.
The Central Bank of Azerbaijan maintains a positive outlook on the country's external sector. "External sector indicators remain favorable. The forecast for the current account surplus by the end of the year is expected to improve further. This is attributed to the rise in global energy prices in recent months, as well as the continuation of positive trends in non-oil and gas exports," the CBA stated.
The Central Bank of Azerbaijan plays a pivotal role in maintaining macroeconomic stability and managing the national currency, the manat. By monitoring foreign exchange reserves and regulating monetary policy, the CBA aims to ensure price stability and support sustainable economic growth in the Republic of Azerbaijan.
