By January 1, the foreign exchange reserves of the Central Bank of Azerbaijan Republic (CBA) totaled $ 5 billion.
According to the information on the main directions of monetary policy and financial stability in 2016 on the CBA site, the reason for this was the extremely high demand for currency, which led to a certain imbalance in the foreign exchange market. So to meet the demand CBA had to sell more than $ 8 billion for the year.
CBA experts believe that this situation has contributed to the dollarization of bank deposits - foreign currency deposits increased by 40%, exceeding $ 5 billion.
Recall, as of 1 January of the previous year, currency reserves amounted to $ 13 billion 758.3 million. --17D-
Economics
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