Chairman of Central Bank: "Foreign currency we sold to IBA in July was returned for one month"

"236 million US dollars, which the Central Bank of Azerbaijan (CBA) sold to "International Bank of Azerbaijan" OJSC (IBA) in June of this year, for the purpose of adjusting its currency position, were returned in one month."

Qazet.az report that Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), said this at a press conference.

"These banks have some difficulties left over from the past, so we decided to sell them currency and set a 2-month time frame for their return. They adjusted their currency positions for 1 month and sold to us," he said.

It should be noted that the sale to IBA took place using the foreign currency reserves of the CBA. This step was taken in order to ensure the stability of the results obtained on the rehabilitation of the Bank and adaptation of its institutional activity to modern standards, and to further strengthen the stability of the credit organization.