Azerbaijani banks increase reserves by 20 percent
Azerbaijan, Baku, June 25 / Trend A.Akhundov /
As of May 1, the expanded monetary base amounted to 8.223 billion manat in Azerbaijan, a statistical report of the Azerbaijani Central Bank (CBA) said on Monday.
According to the CBA, the monetary base increased by 32.8 per cent during the year, and decreased by 2.9 per cent compared to as of April 1, 2012.
As of May 1, 2012 the monetary base in manat was 8.145.9 billion manat compared to 6.167.3 billion manat as of May 1, 2011 and 8.347.7 billion manat as of April 1, 2012.
In the reporting period, the volume of currency in circulation amounted to 7.710.8 billion manat.
As of May 1, 2011 this figure amounted to 5.769.5 billion manat, and as of April 1, 2012 - 7.650.1 billion manat.
The bank reserves hit 496.6 million manat, or 19.86 per cent more than in January-April 2011 (414.3 million manat), and 38.31 per cent less than the same figure as of April 1, 2012 (805.1 million manat).
The cash in circulation to monetary base ratio for the reporting period was 93.8 per cent compared to 93.2 per cent as of May 1, 2011, and 90.3 per cent as of April 1, 2012.
The official exchange rate is 0.7857 AZN to $1 on June 25.