Azerbaijani banks increase reserves
Baku, Azerbaijan, March 10
By Anvar Mammadov - Trend:
As of February 1, 2016, the bank reserves in Azerbaijan amounted to 1.72 billion manats (AZN), which exceeds the same period of 2015 more than twice (604.5 million manats), the Azerbaijani Central Bank's report as of late January 2016 said.
The official exchange rate is 1.6315 AZN/USD March 10.
The expanded monetary base in Azerbaijan totaled 6.68 billion manats as of Feb. 1, 2016.
In annual terms, the monetary base in Azerbaijan decreased by 38 percent. For comparison, as of late January 2015, this figure was 10.76 billion manats. The monetary base reduced by 11.6 percent in Azerbaijan compared to December 2015 (7.56 billion manats).
As of February 1, 2016, the monetary base in manats amounted to 5.79 billion manats versus 10.55 billion manats as of February 1, 2015.
In the mentioned period, the volume of money in circulation amounted to 4.95 billion manats, while this figure was 10.15 billion manats as of Feb. 1, 2015.
The ratio of the mass of cash in circulation to the monetary base was 74.2 percent as of February 1, 2016, decreasing by 21.3 percent compared to the same index as of February 1, 2015.