Baku, Azerbaijan, Jan. 15
By Azad Hasanli – Trend:
Currency reserves of the Central Bank of Azerbaijan (CBA) increased by $1.36 billion (34.2 percent) during 2017, according to statistical data posted on the CBA website Jan. 15.
During the month, CBA reserves rose by $80.4 million (1.53 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.