Kazimov: Azerbaijan's Central Bank sold twice as less on forex market as planned in January

The foreign exchange market in Azerbaijan remains stable amid declining demand for foreign currency, Taleh Kazimov, chairman of the Central Bank of Azerbaijan (CBA), said at a press conference on Wednesday, Report informs.

He noted that amid declining demand for foreign currency, the State Oil Fund of Azerbaijan (SOFAZ) fulfilled part of its obligations to the state budget in US dollars in 2025.

"In the coming months, if there is demand, these funds will certainly be used in the foreign exchange market. However, the population sold more foreign currency than they bought. Taking into account transfers (from SOFAZ - ed.), $400-450 million less was sold (on the foreign exchange market - ed.) than planned due to a lack of demand," Kazimov noted.

According to him, there was no increase in activity on the foreign exchange market in January 2026: "Sales volume amounted to approximately $300-350 million, while the planned sales volume was almost $700 million."

The head of the Central Bank also noted a decline in cash currency transactions. He cited data showing a negative balance of $18 million in January of this year, meaning the population sold more currency than it bought.

"This is the lowest January figure in the last 3-4 years. Overall, we see stability and do not see any risks in the foreign exchange market," he emphasized.