Baku, Azerbaijan, July 1
By Anvar Mammadov – Trend:
In June, foreign exchange reserves of the Central Bank of Azerbaijan (CBA) decreased to $4,283.9 million, or by $400,000 (0.01 percent) as compared to May, according to the CBA statistical data posted on its website July 1.
The foreign exchange reserves of the Central Bank started to decrease in July 2014.
At the very beginning, this process was going slowly, but starting from December 2014 the volume of currency reserves decreased sharply as the demand for the US dollar supply increased in the country.
The foreign exchange reserves’ reduction is due to CBA’s intervention to the currency market for keeping the exchange rate of manat against the US dollar at a stable level.