Growth of Azerbaijan’s strategic currency reserves exceeds 10%

By  Trend

Azerbaijan’s strategic currency reserves increased by 10.5 percent or $4.7 billion since the beginning of the year, and the volume of foreign exchange reserves reached $49.4 billion, Trend reports referring to the press service of the Central Bank of Azerbaijan (CBA).

The monetary base in manats increased by 6.6 percent since the beginning of the year. Factors contributing to the growth in the monetary base include changes in the balances of the single treasury account and the CBA’s policy of sterilization.

Monetary conditions are gradually showing neutral indicators. However, according to the CBA’s website, the prospects for weakening global economic activity, slowing economic growth in partner countries and falling export prices may pose potential threats to economic growth in Azerbaijan, affecting external demand factors.

According to CBA, a 5.1-percent increase in global food prices was observed since the beginning of this year, including an increase by 10.7 percent for meat products and by 14.4 percent for dairy products.

($1=1.7 AZN on September 13)

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