Azerbaijanis lose interest in the dollar

Supply at currency auctions significantly exceeded demand last year, Central Bank of Azerbaijan chairman Taleh Kazimov said at a press conference on the key interest rate.

Kazimov noted that households have stopped rushing to buy foreign currency at banks, with no notable demand for hard currency recorded in the market in January.

He said around $300–350 million worth of foreign currency was sold over the past month, compared with an initial plan to sell about $700 million.

“January recorded the lowest level of demand for foreign currency over the past three to four years. Cash purchase and sale indicators are also taken into account. In January, currency purchases exceeded sales by only $18 million,” Kazimov said.

He added that these figures point to stability in the foreign exchange market.