As Baku prepares to host the United Nations climate talks (COP29) in November, Azerbaijan’s central bank is considering resuming FX sales to satisfy increasing demand. Throughout the initial months of 2024, the sovereign wealth fund Sofaz was the primary source of dollars at FX auctions. The central bank, which accumulated USD 4.2 bln in reserves during 2022-2023 through market purchases, may tap into these to manage growing governmental and event-related currency requirements.