CBA closes foreign currency position of International Bank of Azerbaijan

By Trend

The Central Bank of Azerbaijan (CBA) has closed the open foreign currency position of the International Bank of Azerbaijan (IBA), Governor of the CBA Taleh Kazimov said at a press conference on July 29, Trend reports.

According to him, the Central Bank had earlier sold $236 million for managing the IBA's open foreign exchange position.

"Such a situation is not currently observed in Azerbaijani banks. The open foreign currency position of the International Bank of Azerbaijan has already been closed, and all prudential standards have been observed. Despite the recovery projections of the currency position within two months, it was reinstated within one month. The relevant action was taken for supporting the financial sector," Kazimov noted.