Azeri currency reserves hit 18-month high
BAKU - The currency reserves of Azerbaijan’s Central Bank have increased, reaching an 18-month high of over $5.658 billion in July.
The figure hit a $187.8 million rise last month. In June, the currency reserves exceeded $5.470bn, according to the bank.
The reserves increased $871.5m, or 18.2 percent in July, in comparison with the same period of 2009. Last July, the indicator stood at $4.787bn.
Expert Vugar Bayramov says Azerbaijan’s currency reserves could be considered satisfactory compared to those of other CIS states. He noted that Georgia’s reserves make up $2bn, while in Armenia the figure is just above $1bn. Ukraine’s cash stocks amount to $25.5bn, while Kazakhstan’s currency amounts to $27.3bn. Russia has a staggering amount of currency reserves worth around $475bn.
Bayramov said that currency reserves of all CIS states grew in July. Russia posted an increase of $5.4bn compared to June, while Kazakhstan’s cash stocks grew $1.2bn, and Ukraine’s reserves rose $1.4bn.
"The increase in CIS countries’ currency reserves was directly linked to the rising rate of the euro against the dollar," the analyst concluded.
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