According to FinFly, citing the Central Bank of Azerbaijan, positive dynamics were observed in both the cash and non-cash segments of the foreign exchange market.
According to the regulator, the dollarization level of resident individuals' deposits decreased by 2.8 percentage points over the past 12 months, reaching 27 percent as of the end of May.
Additionally, in January-May, the volume of money transfers received by the country increased by 28.8 percent compared to the same period last year, reaching $560.1 million.
The Central Bank also noted the continued favorable situation in the external sector of the economy.
"External sector indicators remain favorable. A further improvement in the current account surplus forecast is expected by the end of the year. This is due to the rise in global energy prices in recent months, as well as the continuation of positive trends in non-oil and gas exports," the CBA statement said.