Azerbaijani banks increase reserves
Baku, Azerbaijan Nov. 11
By Anvar Mammadov - Trend:
The bank reserves in Azerbaijan amounted to 1.78 billion manats as of October 1, 2016, or by 28.1 percent more than in September 2015 (1.38 billion manats), read a report for the nine months of 2016 issued by the country's Central Bank (CBA).
Official exchange rate on November 11 is 1.6869 AZN/USD.
The report said that the broad monetary base in the country as of October 1, 2016, amounted to 7.99 billion manats.
In annual terms, the monetary base in Azerbaijan increased by 7.5 percent. For comparison: this figure amounted to 7.43 billion manats as of late September 2015. Compared with early 2016 (7.56 billion manats), the monetary base in Azerbaijan increased by 5.7 percent.
According to the CBA, as of September 1, 2016, the monetary base in manats amounted to 6.81 billion manats compared to 7.05 billion manats as of August 1, 2015.
The volume of currency in circulation amounted to 6.19 billion manats during the reporting period, while this figure stood at 6.05 billion manats as of October 1, 2015.
The ratio of cash in circulation to monetary base as of October 1, 2016 amounted to 77.6 percent, which is a 3.8 percentage points decrease compared to the index as of late September 2015.