Azerbaijani Central Bank’s currency reserves increase
Currency reserves of the Central Bank of Azerbaijan (CBA) increased by $352.8 million (8.9 percent) up to $4,327.2 million in January 2017 as compared to December 2016, according to the statistics posted on the CBA website February 3.
CBA’s currency reserves decreased by 1.6 percent in January 2017 as compared to January 2016.
In 2016, CBA’s currency reserves decreased by $1,042.3 million or 20.78 percent 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 the volume of 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 percent in March, by 1.35 percent in April, by 3.97 percent in May, by 0.7 percent in August and by 0.14 percent in November.
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