Azerbaijani banks’ reserves increase

Business Materials 5 December 2016 17:14 (UTC +04:00)

Baku, Azerbaijan, Dec. 5

By Anvar Mammadov – Trend:

The bank reserves amounted to 2.48 billion manats (official exchange rate on Dec. 5 is 1.7339 AZN/USD) in Azerbaijan as of November 1, 2016, or by 84.04 percent more than in October 2015 (1.35 billion manats), read a report for the ten months of 2016 issued by the country's Central Bank (CBA).

The report said that the broad monetary base in the country as of November 1, 2016, amounted to 8.79 billion manats or by 19.5 percent more compared to the same period of 2015.

For comparison: this figure amounted to 7.36 billion manats as of October 2015. The monetary base increased by 19.5 percent in Azerbaijan compared to early 2016 (7.56 billion manats).

According to the CBA, as of November 1, 2016, the monetary base in manats amounted to 7.45 billion manats compared to 7.06 billion manats as of October 1, 2015.

The volume of currency in circulation amounted to 6.29 billion manats during the reporting period, while this figure stood at 5.99 billion manats as of November 1, 2015.

The ratio of cash in circulation to monetary base as of November 1, 2016 amounted to 71.5 percent, decreasing by 10 percentage points compared to late October 2015.