The Central Bank of Azerbaijan (CBA) has announced the reason for the decrease in the demand for dollars in currency auctions.

In response to the inquiry of "APA-Economics", the Central Bank said that in the conditions of a favorable international environment and the increase in the potential of non-oil exports, a large-scale surplus was created in the current account of the balance of payments of Azerbaijan.

According to official statistics, the surplus of the foreign trade balance, which is the main element of the current account of the balance of payments, will increase by 2.2 times in 2022 compared to the previous year to 23.6 billion.

reached US dollars.

A surplus balance of payments is accompanied by an increase in the country's strategic foreign exchange reserves and an expansion of supply in the foreign exchange market.

One of the important points is that the volume of exports in the non-oil sector will increase by 12.3% to 3 billion in 2022.

rose to US dollars.

The mentioned points are also reflected in the supply-demand ratio in the currency auctions organized for the sale of assets of the State Oil Fund of Azerbaijan.

"It is these factors that acted as the fundamental reasons for not placing orders for currency purchase at the currency auctions held on January 24 and 26 of this year," the Central Bank said in a statement.

It should be noted that in the currency auction held on January 19 this year, banks attracted only 1.5 million dollars, and no orders were placed in the currency auctions held on January 24 and 26.

This is the first such fact recorded in recent years.