Baku, Azerbaijan, Nov. 7
By Anvar Mammadov – Trend:
Currency reserves of the Central Bank of Azerbaijan (CBA) increased by about $1,195.2 million (29.8 percent) up to $5,200.7 million in October 2017 as compared to the same period of 2016, according to statistical data posted on the CBA website Nov. 7.
During the month, CBA reserves rose by 33.2 million (0.6 percent), while since early 2017 increased by 1,226.3 million (30.9 percent).
Currency reserves of CBA decreased by more than $1 billion or 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.