Baku, Azerbaijan, April 4
By Azad Hasanli - Trend:
The foreign exchange reserves held by the Central Bank of Azerbaijan (CBA) increased by $39.5 million (0.98 percent) up to $4.065.8 billion in March 2016 compared to February, said the message on CBA's website on April 4.
According to the statistics, the CBA's foreign exchange reserves decreased by $5.406.3 billion (by 2.3 times) compared to March 2015.
The CBA's foreign exchange reserves have been reducing since July 2014. At the very beginning, this process was slow (around $20-50 million), but the volume has sharply reduced since December 2014, the statement said.
The reducing of reserves is connected with an increase in demand for US dollar supply in the country, as well as intervention by the CBA to keep the manat rate at a stable level, according to the statement.