Baku, Azerbaijan, Oct. 4
By Azad Hasanli – Trend:
Currency reserves of the Central Bank of Azerbaijan (CBA) increased by approximately $1,034.8 million (25 percent) in September 2017 as compared to September 2016, and amounted to $5,167.5 million, according to statistical data posted on the CBA website Oct. 4.
The CBA reserves have increased by $66.3 million (1.3 percent) for the month and by $1,193.1 million (30 percent) since early 2017.
Currency reserves of the CBA decreased by more than $1 billion or by 20.78 percent in 2016 as compared to 2015. CBA’s currency reserves started to decrease in July 2014. The reduction was at a slower pace (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 US dollars in the country.
During 2016, the CBA 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.