Azerbaijan, Baku / Trend corr I. Khalilova / The National Bank of Azerbaijan (NBA) expects its currency reserves to exceed $3.5bln by the end of the year, Deputy President of the bank, Aftandil Babayev, reported on 10 August. At present, currency reserves of the NBA comprise $2.83bln compared to $1.96bln in the beginning of the year.
Currency reserves increased at the expense of the manat (Azerbaijani national currency) intervention at $900mln and the figure will amount to $1.5bln by the end of 2007. "We do not strive for an increase in currency reserves, as strategic currency reserves of Azerbaijan are exceeding $6bln. That takes place within the policy of the NBA directed for maintenance of macroeconomic stability in the country," Babayev said.