Azerbaijan, Baku, May 6 / Trend , N.Ismaylova /
As a result of the first quarter of 2009, strategic currency reserves of Azerbaijan totaled $16 billion, said the Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov.
"Compared with the beginning of the year, their amount decreased due to certain dollarization of the economy - said Rustamov. - Central Bank used part of currency reserves for intervention, buying from the manat market, and this is evident because the treasury received an adequate amount of manats back.
[On the other hand, currency reserves were affected by decline in the oil prices and, consequently, the volume of oil production in Azerbaijan, while State Oil Fund continued to make transfers to the Public budget of the country even beyond the expected amount.]
According to Rustamov, over the first three months of this year, nearly $1 billion was directed towards intervention in the currency market.
The strategic currency reserves of Azerbaijan (accounting the funds of the State Oil Fund and government deposits) as of 1 January was $18.2 billion.
Assets of the State Oil Fund of Azerbaijan as of April 1, 2009 amounted to 8 721.4 million manats ($10 863.9 million).
Official rate on May is 0.8036 AZN/USD.
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