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FOREIGN CURRENCY RESERVES REACH ANOTHER HIGH

Business Materials 4 July 2005 12:45 (UTC +04:00)

Monetary reserves of the Milli Bank (the central bank) have reached the record-breaking level of 988.46 million U.S. dollars as of July 1, 2005, up 111.6 million U.S. dollars since the very outset of the year. The corresponding year-ago figure was recorded at 876.86 million U.S. dollars вЂ" a growth of 12.73 per cent [from that level] was achieved this year.

Meanwhile, the Milli Bank has made total transfers of 26.77 million U.S. dollars in principal payments and interests on IMF loans.

The central bank expects that the level of monetary reserves will be in the range of 1 to 1.182 billion U.S. dollars, given a notable revaluation of the national currency вЂ" Azeri manat or AZM вЂ" during the first half of the year. Since January 1, AZM has rallied 196 points or 4 per cent against U.S. dollar; that advance for last year has composed 20 points (0.41 per cent) only.

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