Deputy Chairman: Decrease of currency reserves of Central Bank of Azerbaijan connected with reserves' reevaluation

Business Materials 5 March 2010 19:15 (UTC +04:00)

Azerbaijan, Baku, March 5 / Trend , N. Ismailova/

The decrease of currency reserves of the Central Bank of Azerbaijan (CBA) observed today is connected with reevaluation of the reserves, Alim Guliyev, First Deputy Chairman of the CBA Board, reported on Friday.

"This is connected with a decrease of the exchange rates of EUR and US dollar because the CBA keeps its reserves in two currencies: EUR and US dollars", Guliyev said.

According to him, given that the exchange rates of both currencies have changed since the beginning of the year, exchanging them into manats caused, as a result of reevaluation, a decrease of CBA currency reserves.

As of late February 2010, the currency reserves of the CBA were equivalent to $5,074.5 million.