Bank reserves in Azerbaijan increase by almost 14 percent in 2013

Business Materials 5 February 2014 14:58 (UTC +04:00)

Baku, Azerbaijan, Feb.5
By Emin Aliyev - Trend:

The monetary base in Azerbaijan demonstrated a steady growth in 2013 and as of January 1, 2014, the expanded monetary base in the country amounted to 11.793.1 billion manat.

The monetary base increased by 10.63 percent in a year, according to the Central Bank of Azerbaijan (CBA). For comparison, this figure amounted to 10.660.3 billion manat in 2012.

As of Jan.1, 2014, the monetary base in manat amounted to 11.642 billion manat compared to 10.515 billion manat as of Jan.1, 2012, according to the CBA.

During the reporting period the volume of money in circulation amounted to 11.033.3 billion manat, while as of Jan.1, 2013, this figure was 9.777.5 billion manat.

The ratio of cash money mass in circulation to the monetary base amounted to 93.6 percent as of Jan.1, 2014 compared to 91.7 percent as of Jan.1, 2013.

In turn, bank reserves were equal to 749.2 million manat which is 13.75 percent less than the 868.6 million manat in 2012.

Currently, a moderate monetary policy is being pursued by Azerbaijan. The discount rate is 4.75 percent with inflation at 2.4 percent as of 2013 and required reserves at three percent.

Some 43 banks operate in Azerbaijan.

The official exchange rate on Feb.5 is 0.7843 AZN/USD.

Translated by L.Z.

Edited by S.M