Currency reserves of the Central Bank of Azerbaijan (CBA) increased by $42.1 million (0.97%) to $4,369.3 million in February as compared to January, the CBA said in a message on March 1.
CBA’s reserves increased by 8.5% in February as compared to the same month of 2016.
Currency reserves of the CBA decreased by $1,042.3 million or by 20.78% during 2016 as compared to 2015.
The reduction in CBA’s currency reserves began in July 2014. The reduction was at a slower rate (within the range of $20-50 million) at the beginning, but a sharp decline in reserves began in December 2014 due to an increase in demand for dollar in the country.
During 2016, the volume of currency reserves increased by 0.9% in March, by 1.35% in April, by 3.97% in May, by 0.7% in August and by 0.14% in November. (Trend/Business World Magazine)