Baku, Azerbaijan, March 1
By Anvar Mammadov – Trend:
Currency reserves of the Central Bank of Azerbaijan (CBA) increased by $42.1 million (0.97 percent) to $4,369.3 million in February as compared to January, the CBA said in a message March 1.
CBA’s reserves increased by 8.5 percent in February 2017 as compared to the same month of 2016.
Currency reserves of the CBA decreased by $1,042.3 million or 20.78 percent during 2016 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 reserves began in December 2014 due to an increase in demand for dollar in the country.
During 2016, the volume of currency reserves increased by 0.9 percent in March, 1.35 percent in April, 3.97 percent in May, 0.7 percent in August and 0.14 percent in November.