Baku, Azerbaijan, May 3
By Azad Hasanli - Trend:
The currency reserves of the Central Bank of Azerbaijan (CBA) have increased by $54.8 million (1.3 percent) in April of 2016, as compared to March and neared $4.121 billion, CBA's website said.
The Central Bank's reserves have increased for two months in succession after a long-lasting decrease.
The reserves of the CBA increased by $39.5 million (0.98 percent) in March of 2016 as compared to February and neared $4.066 billion.
The currency reserves of the Central Bank have started to decrease since July of 2014.
At the very beginning, this process was going slowly (at around $20-$50 million), but starting from December of 2014, the volume of currency reserves decreased sharply as the demand for the dollar supply increased in the country.
Meanwhile, it is due to the intervention carried out by the CBA on the currency market in order to keep the exchange rate of manat against the US dollar at a stable level.