Azerbaijani banks increase reserves by 40 percent
Azerbaijan, Baku, July 7 / Trend A. Hasanov /
As of June 1, the expanded monetary base amounted to 8.457.9 billion manat in Azerbaijan, a statistical report of the Azerbaijani Central Bank (CBA) said today.
According to the CBA, the monetary base increased by 34.4 per cent during the year, and by 2.8 per cent compared to as of May 1, 2012.
As of June 1, 2012 the monetary base in manat was 8.373.1 billion manat compared to 6.244.9 billion manat as of June 1, 2011 and 8.145.9 billion manat as of May 1, 2012.
In the reporting period, the volume of currency in circulation amounted to 7.971.9 billion manat.
As of June 1, 2011 this figure amounted to 5.949.5 billion manat, and as of May 1, 2012 - 7.710.8 billion manat.
The bank reserves hit 470.1 million manat, or 39.45 per cent more than in January-May 2011 (337.1 million manat), and 5.3 per cent less than the same figure as of May 1, 2012 (496.6 million manat).
The cash in circulation to monetary base ratio for the reporting period was 94.3 per cent compared to 94.5 per cent as of June 1, 2011, and 93.8 per cent as of May 1, 2012.
The official exchange rate is 0.7856 AZN to $1 on July 7.