Baku: The Central Bank of Azerbaijan (CBA) may intervene in the currency market with a purchase-oriented approach, as stated by CBA Chairman Taleh Kazimov during a press conference. He addressed the potential intervention in response to a question from APA-Economics.

According to Azeri-Press News Agency, Kazimov highlighted that the supply in currency auctions for the first nine months of the year has been significantly high, surpassing demand. He mentioned that if this trend continues, the CBA might consider a purchase-oriented intervention. However, he clarified that no specific figures, such as 300 or 600 million dollars, have been determined yet due to pending budget expenditures for the remainder of the year.

It is noteworthy that the International Monetary Fund’s October report projected the CBA’s reserves to reach 11.9 billion dollars by the end of the year. As of October 1, the Central Bank’s foreign exchange reserves stood at 11.31 billion dollars, indicating an expected increase of approximately 600 million dollars, aligning with the IMF’s forecast.