NBA Increases Currency Reserves
Azerbaijan, Baku / Trend , corr. I. Khalilova / Since January 2007 through to April 2007, the official currency reserves of the National Bank of Azerbaijan (NBA) reached $2.035.400.000, a source in NBA has said. Compared with the beginning of 2007, there was a growth of 3.46% or $68.1 mln. From the results of last year, the reserves reached $1.967 bln.
According to initial calculations, the NBA reserves are expected to significantly increase by approximately $1 bln.
NBA has involved a new manager - the World Bank (WB) Treasury to govern its currency assets. Central banks mainly appeal to this financial institution and the WB Treasury has received $100 mln for governance from NBA.
One of the terms of transferring funds for WB's governance is WB providing assistance to NBA for increasing the potential of the Azerbaijani central bank, within the three-year Reserves Advise and Management Programme (RAMP). At present, NBA has handed over its assets at the total amount of $250 mln. to foreign managers.