Increase in Reserves of National Bank of Azerbaijan

Business Materials 2 April 2008 19:29 (UTC +04:00)

Azerbaijan, Baku, 2 April /corr. Trend I.Khalilova / As a result of the first quarter of 2008, official currency reserves of the National Bank of Azerbaijan totaled $4 260.7mln, a source at the NBA said. The growth made up 6.11% ($245.6mln) as compared to the beginning of the year. As a result of 2006, the figure totaled $1.967bln and 2007 - $4 015.3mln.

The World Bank forecasts increase of the official currency reserves of the NBA up to $11.322bln by 2010. According to the forecasts, in 2008 they will be reached up to $9.210bln, 2009 - $11.146bln. Last year, the real indicator of the currency reserves exceeded expectations of the WB by $1bln ($3.051bln).

WB Treasury is one of the managers of the currency reserves of the NBA. Nearly $100mln have been transferred to the management of the WB Treasury. Currently $250mln are under foreign management.

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