Azerbaijan's Central Bank increases forex interventions 8-fold to $2.048 bln in 2022

BAKU. Feb 1 (Interfax) - The Central Bank of Azerbaijan purchased foreign currency totaling $2.048 billion on the forex market in 2022, Central Bank Chairman Taleh Kazymov said at a press conference on Wednesday.

"In order to ensure the stability of the exchange rate, the Central Bank purchased foreign currency in 2022, and the operations totaled $2.048 billion," Kazymov said.

As previously reported, Azerbaijan's Central Bank acquired $245 million during interventions in the forex market in 2021, after having not conducted such operations in 2020, thereby boosting foreign currency purchases 8.4-fold year-on-year in 2022.

Kazymov also noted that demand for foreign currency was lower than supply at 80% of the Central Bank's forex auctions in 2022.

The official exchange rate as on February 1, 2023, is 1.70 manat/$1, which is unchanged since the spring of 2017.