Baku: Cash foreign currency purchases by exchange offices in Azerbaijan outpaced sales by $311 million in the first five months of 2026, as reported by the Central Bank of Azerbaijan (CBA), APA-Economics informs.

According to Azeri-Press News Agency, the dollarization level of resident individuals' deposits saw a reduction of 2.8 percentage points over the past year, dropping to 27% by May 2026. This indicates a shift towards local currency deposits among residents.

The period from January to May also witnessed a 28.8% increase in the volume of money transfers into the country, amounting to $560.1 million. This surge underscores the growing inflow of foreign currency through remittances.

In response to a notable decline in banks' demand at foreign exchange auctions, the Central Bank conducted purchase-oriented interventions. As a result, the Central Bank's foreign exchange reserves grew by $1.2 billion, or 10.4%, over the first five months of the year, reaching a total of $12.7 billion.