Baku, Azerbaijan, Dec. 2
By Anvar Mammadov - Trend:
The foreign exchange reserves owned by the Central Bank of Azerbaijan (CBA), decreased by $589 million (8.62 percent) up to $6.246 billion in November 2015 compared to October, the CBA statistics data published on the website Dec. 2 said.
CBA's foreign exchange reserves have declined by $7.513 billion (54.6 percent) since early 2015.
The decline in the CBA foreign exchange reserves has been observed since July 2014.
Earlier, this happened slowly (around $20-50 million). But their volume has sharply reduced (more than $1 billion monthly) since December. This is associated with an increase in demand for dollar supply in the country.
However, the growth of foreign exchange reserves resumed in May-June 2015. In May, the Central Bank reserves increased to $42.9 million (0.51 percent) compared to April, up to $8.43 billion, and by $89.4 million (1.06 percent) in June. However, after slight growth, reduction of foreign exchange reserves of the CBA continued.
The foreign exchange reserves reduced due to the intervention carried out by the CBA on the foreign exchange market to keep the exchange rate of manat versus the US dollar at a stable level.