Azerbaijan's strategic foreign exchange reserves are capable of covering the country's 38 months of goods and services imports.
Modern.az reports that this was stated by Taleh Kazimov, Chairman of the Board of the Central Bank, at a press conference dedicated to the announcement of the decision on the parameters of the interest rate corridor.
He noted that even in the absence of the country's foreign exchange revenues, the existing strategic reserves ensure long-term financing of imports.
“Strategic foreign exchange reserves exceed the broad manat money supply by 3.7 times. This indicator is one of the main indicators of the total demand for manat in the country.”
The chairman also touched upon the situation in the foreign exchange market:
“Currently, the supply of foreign currency in the market significantly exceeds demand.”
T. Kazimov also added that there has been no need for foreign currency sales in the last two months.
“The reason for this was that supply sharply exceeded demand in the market.”
