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Azerbaijani Central Bank expects currency reserve increase to $16 billion

Business Materials 2 December 2013 12:46
Central Bank of Azerbaijan (CBA) plans to increase the currency reserves at its disposal to $16 billion by late 2014.

Baku, Azerbaijan, Dec.2
by Abbas Akhundov - Trend:

Central Bank of Azerbaijan (CBA) plans to increase the currency reserves at its disposal to $16 billion by late 2014, CBA Deputy Chairman Avtandil Babayev told Trend.

The CBA expects its reserves to increase to $14.5 billion by late 2013, according to Babayev.

"We expect the currency reserves to increase by $1.5 billion next year. However, our goal is not to increase the reserves, but to ensure their stability," CBA deputy chairman said.

The currency reserves of the CBA amount to $13.58 billion as of Nov.1.

The official exchange rate on Dec.2 is 0.7844 AZN/USD.

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