Required reserves of Azerbaijani banks increase by 21%
Baku, Azerbaijan, May 3
By Ilaha Khalilova - Trend:
As of April 1, 2014, the extended monetary base amounted to about 11.206 billion manats in Azerbaijan, the statistical report of the Azerbaijani Central Bank reported.
The monetary base grew by 8.9 percent on an annualized basis, according to the CBA. For comparison, this figure was more than 10.280 billion manats in the first quarter of 2013.
As of April 1, 2014, the monetary base in manats was more than 11.107 billion manats compared to more than 10.195 billion manats as of April 2013.
During the reporting period, the volume of money in circulation amounted to more than 10.677 billion manats, while this figure was 9 605 billion manats on April 1, 2013.
The ratio of cash money mass in circulation to the monetary base amounted to 95.3 percent as of April 1, 2014 compared to 93.4 percent as of March 1, 2013.
In turn, the bank reserves were equal to 519.4 million manat which is 20.9 percent less than on March, 2013 ( 656.6 million manat). During the Q1, this figure decreased by 30.7 percent, which was associated with a reduction in banks' free reserves by 40.2 percent. The banks allocated 5.2 percent more funds to the reserve requirements of banks, and the annualized growth reached 20.95 percent.
There are 44 banks operating in Azerbaijan.
The official exchange rate is on May 3 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.