Currency reserves of the Central Bank of Azerbaijan (CBA) increased by about $1,243.2 million (31%), to $5,254.2 million in November as compared to the same period of 2016, according to statistical data posted on the CBA website on December 6.
During the month, CBA reserves rose by 53.5 million, while since early 2017 it has increased by 1,279.8 million (32.2%).
Currency reserves of CBA decreased by more than $1 billion or by 20.78% in 2016 as compared to 2015.
CBA’s currency reserves started decreasing in July 2014. The reduction was at a slower pace (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 US dollars in the country.
During 2016, the CBA 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)
