Azerbaijan National Banks Currency Reserves Up 35%
Azerbaijan, Baku, 6 October / Trend corr. I.Khalilova/ As a result of January-September, 2008, official currency reserves run by the National Bank of Azerbaijan (NBA) grew by 35.4%, NBA said on 6 October. The currency reserves grew by $1423.4mln to $5438.6mln from the beginning of the year. NBA currency reserves comprised $1.967bln as a result of 2006 and $4015.3mln as a result of 2007.
Azerbaijanїs strategic currency reserves grew almost nine times during past 5 years and exceeded $15bln. They are expected to reach $20bln by the end of 2008. Double rise of reserves will be provided mainly by the inpayments to the State Oil Fund of Azerbaijan (SOFAZ), which depends on the volume of profitable oil which Azerbaijan receives from the block of Azeri-Chirag-Gunashli fields.
SOFAZ assets totalled $10.216bln by 4 September.
The correspondent can be contacted at [email protected]