Baku, Azerbaijan, June 2
By Azad Hasanli – Trend:
Currency reserves of the Central Bank of Azerbaijan (CBA) increased by almost $541.1 million (12.63 percent) in May 2017 as compared to May 2016, and amounted to $4,825.4 million, according to the statistical data posted on the CBA website June 2.
CBA’s reserves increased by $206.1 million (4.46 percent) for the month.
Currency reserves of the CBA decreased by more than $1 billion in 2016 as compared to 2015.
CBA’s currency reserves started to decrease in July 2014. The reduction was at a slower rate (within a range of $20 million to $50 million) at the beginning, but a sharp decline began in December 2014 due to an increase in demand for dollar in the country.
During 2016, the 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.