Central Bank of Azerbaijan hits back at FX critics
Central bank defends sharp reversal of forex purchases
Interventions in the foreign exchange market first in one direction and then sharply in the other were necessary to maintain stability, the Central Bank of Azerbaijan said today.
The central bank was hitting back at critics in local media who voiced concerns over strong volatility in levels of reserves, most notably in December as the central bank intervened to resist the shocks caused by the plummeting rouble.
"The central banks of Russia, as well as other neighbouring countries failed to
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