Forex reserves of Azerbaijan's Central Bank reach all-time high of $15.3 bln

BAKU. Sept 7 (Interfax) - The forex reserves of the Central Bank of Azerbaijan (CBA) increased by $1.5 billion in August to reach an all-time high of $15.3 billion, the CBA said in a statement.

"Supply on the forex market exceeded demand amid a current account surplus and the ongoing de-dollarization process in the financial sector. The Central Bank intervened totaling $1.5 billion in August this year to purchase foreign currency amid these conditions," according to the statement.

Consequently, the CBA's forex reserves increased by $3.8 billion, or 33%, in January-August this year to an all-time high of $15.3 billion as on September 1.

The CBA emphasizes that the regulator will base future operations on the forex market on supply and demand.