Azerbaijani Central Bank’s currency reserves exceed $14 billion

Photo: Azerbaijani Central Bank’s currency reserves exceed $14 billion / Business News

Baku, Azerbaijan, Jan.13
By Emin Aliyev - Trend:

The volume of currency reserves of the Central Bank of Azerbaijan (CBA) amounted to $14.152 billion as of 2013, CBA said on Jan.13.

The currency reserves of CBA increased by 21 percent or $2.46 billion per annum. For comparison, as of Dec.31, 2012, the currency reserves of CBA amounted to $11.69 billion. As of the first quarter of 2013, this figure was equal to $12.33 billion. The CBA's currency reserves increased by $387.8 million in the second quarter and hit $12.72 billion. The growth dynamics of the CBA's currency reserves remained at the same level in the second year-half: as of the third quarter their volume amounted to $13.26 billion.

Earlier, CBA Deputy Chairman Avtandil Babayev told Trend that the regulator plans to increase the volume of its reserves to $16 billion by late 2014.

"However, our goal is not to increase the reserves, but to ensure their stability," CBA deputy chairman said.

Translated by L.Z.

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