Baku, Azerbaijan, Jan. 13
By Azad Hasanli – Trend:
Currency reserves of the Central Bank of Azerbaijan (CBA) decreased by $36.6 million (0.9 percent) to $3.974 billion in December 2016 as compared to November 2016, according to the statistical data posted on the CBA website Jan. 13.
In 2016, CBA’s currency reserves decreased by $1.042 billion or 20.78 percent as compared to 2015.
The reduction in CBA’s currency reserves began in July 2014. The reduction was at a slower rate (within the range of $20-50 million) at the beginning, but a sharp decline in the volume of reserves began in December 2014 due to an increase in demand for dollar in the country.
In 2016, the volume of currency reserves increased by 0.9 percent in March, by 1.35 percent in April, by 3.97 percent in May and by 0.7 percent in August.