CBA reserves grow by more than 7 pct
By Nazrin Gadimova
Azerbaijan's expanded monetary base amounted to about 11.4 billion manats on June 1, 2014, Central Bank of Azerbaijan (CBA) reported.
The monetary base in the country grew by 11.5 percent on annual basis, compared to May 2013, when this figure stood at about 10.2 billion manats. Meanwhile, the monetary base in national currency was about 11.3 billion manats compared to about 10.1 million manats as of June 2013.
CBA said the volume of money in circulation amounted to about 10.7 billion manats during the reporting period, while this figure was about 9.6 billion manats on June 1, 2013. The mass ratio of cash in circulation in the monetary base was 94.6 percent compared to 94.3 percent on June 1, 2013, according to the report.
Bank reserves were equal to 599.9 million manats, which is 7.4 percent more than the end of May, 2013 (558.6 million).
Foreign exchange reserves at the disposal of the Central Bank amounted to about $15.2 billion, the bank reported. In annual terms, foreign exchange reserves increased by 19.2 percent, or $2.44 billion, compared to similar period last year, when this number amounted to $12.7 billion.
Earlier, Deputy Chairman of the CBA Avtandil Babayev said the regulator plans to increase its reserves to $16 billion by the end of 2014.
"However, our goal is not to increase reserves, but their stability," he added.
The official exchange rate on July 4 is 0,7844 AZN / USD.