Azerbaijani National Bank Announces Volume of Monetary Reserves for First Quarter of 2007
Azerbaijan, Baku/ corr. Trend I.Khalilova / The National Bank of Azerbaijan's (NBA) monetary reserves for the first part of 2007 made up $2477, 1mln. In 2006 the monetary reserves made up $1,967bln.
In compliance with the first calculation the reserves of the NBA will increase by $1bln in 2007.
The NBA is considering expanding its foreign managers list for monetary reserves management.
Elman Rustamov, the manager of NBA, stated that for foreign management $200mln may be allocated.
Currently, the management is by three managers - the Treasury of World Bank, the Swedish UBS Bank and the American bank JP Morgan who manage $270mln. Due to inefficiency of means of management the NBA dissolved the contract with the Dutch bank ABN Amro and passed its means to UBS.
The World Bank has $110mln., UBS - $105mln.and ABN Amro - $55mln.