Azerbaijani banks' reserves increase by almost 40%

Business Materials 6 October 2014 10:33 (UTC +04:00)

Baku, Azerbaijan, Oct. 6

By Azad Hasanli - Trend:

The expanded monetary base in Azerbaijan amounted to 11.863.4 billion AZN as of September 1, 2014, according to the Azerbaijani Central Bank's statistics report.

The monetary base increased by 10.98 percent per annum, according to the report. For comparison, this figure amounted to 10.688.8 billion AZN as of August 2013.

As of September 1, 2014, the monetary base in AZN amounted to 11.743.6 billion AZN compared to 10.616.8 billion AZN as of September 1, 2013.

During the reporting period the volume of money in circulation amounted to 11.134.4 billion AZN, while as of September 1, 2013, this figure was 10.105.2 billion AZN.

The ratio of cash money mass in circulation to the monetary base amounted to 93.9 percent as of September 1, 2014 compared to 94.5 percent as of September 1, 2013.

In turn, bank reserves were equal to 716 million AZN which is 38.8 percent more than in August 2013 (516 million AZN).

Some 44 banks operate in Azerbaijan.

The official exchange rate is 0, 7844 AZN/USD on Oct. 6.