NBA’s Monetary Reserves Go On Growing
Azerbaijan, Baku/ Trend , corr. I. Khalilova/ According to the first quarter of 2007, the official monetary reserves possessed by the National Bank of Azerbaijan (NBA) have reached $2.008 bln. According to a message being spread by NBA, compared with the beginning of the year, the increase is made up of $40.29 mln or up by 2.05%. Notably, in 2006, this was $1,967 bln.
According to preliminarily calculations for 2007, NBA's reserves are expected to increase significantly by approximately on $1 bln.
NBA has recently involved a new manager - the World Bank (WB) Treasury to govern its monetary reserves. Most central banks in international practice apply this financial institution. NBA has handed $100 mln over to the WB Treasury Department for governing.
One of the conditions to handing over these funds to WB for governing was the WB's presenting its assistance in the increase in the NBA potential within a WB three-year programme on consultations and governing reserves (RAMP). In total $250 mln has been handed over to foreign managers for governing.