CBA’s exchange reserves reach 5B
By Sara Israfilbayova
The volume of official foreign exchange reserves of the Central Bank of Azerbaijan (CBA) amounted to $4.9 billion as of July 1, 2017.
The foreign exchange reserves increased by $138.7 million or 2.9 percent, as compared to June 1, the Bank reported.
The foreign exchange reserves of the regulator increased by $989.7 million or 24.9 percent, as compared to the beginning of the year and on a year-on-year basis - by $680.2 million or 15.9 percent.
The country's currency reserves are formed based on reserves of the CBA, the State Oil Fund (SOFAZ) and treasury means of the Finance Ministry.
As of October 1, the assets of SOFAZ reached $35.82 billion, with some $33.95 billion accounting for the investment portfolio and 1.87 billion falling to a share of manat account.
The recently developed strategic Road Map for the prospects of the national economy of Azerbaijan envisages that the Central Bank will implement a full switch to the regime of floating rate in 2017.
The CBA has been operating since 1992.
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