Currency reserves of the Central Bank of Azerbaijan (CBA) increased by approximately $870.2 million (by 21%) in July as compared to June 2016, and amounted to $5,033.1 million, according to the statistical data posted on the CBA website.
CBA’s reserves increased by $69 million (by 1.4 %) MoM, while by $1,058.7 million (26.6%) since early 2017.
Currency reserves of the CBA decreased by more than $1 billion or by 20.78% in 2016 as compared to 2015.
CBA’s currency reserves have started to decrease since July 2014. The reduction was at a slower rate (within a range of $20 million to $50 million) at the beginning, but a sharp decline began in December 2014 due to an increase in demand for dollar in the country.
During 2016, the currency reserves increased by 0.9% in March, 1.35% in April, 3.97% in May, 0.7% in August and 0.14% in November. (Trend/Business World Magazine)