Azerbaijani Strategic Currency Reserves Reaches $10bln

Business Materials 2 May 2008 19:11 (UTC +04:00)

Azerbaijan, Baku, 2 May / Trend corr. I.Khalilova / The currency reserves in the National Bank of Azerbaijan (NBA) comprised $4,306,6mln on 1May, NBA reported. Compared to early 2008 the growth rate has made up 7.26% ($291.4mln.). The monetary reserves comprised $1.967bln in 2006 and $4,015,3mln in 2007.

Increase in currency reserves occurred due the framework of course policy in NBA, directed to support the macroeconomics stability in the country. In 2008, NBA has continued an active participation in the currency market to maintain redundant consolidation of the national currency.

Currency intervention was held to purchase redundant dollars, which in its turn, permitted to increase the currency reserves.

According to NBA, the strategic currency reserves of the country, which are formed at the expense of bank's reserves, State Oil Fund of Azerbaijan assets and state deposits, totalled $10bln.

The World Bank forecasts increase in the official currency reserves under NBA to total $11.322bln by 2010. According to the forecasts for 2008, the official currency reserves will reach $9.210bln and $11.146bln in 2009. The official currency reserves rate was $1bln as in 2007.

WB's treasury is one of the managers to manage the currency funds of NBA. Some $100mln was allocated for WB treasury department. Presently, there is $250mln under the foreign managers department.

The official rate on 2 May is 0,829 AZN/USD.

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