Azernews.Az

By Gulgiz Dadashova

The Central Bank of Azerbaijan (CBA) reported that the total amount of currency reserves reached $12.720.4 billion as of late June 2013.

The bank reports that the currency reserve volume increased by 8.8 percent since early 2013 or $1.025.6 billion. The CBA's currency reserves amounted to $11.695 billion as of early 2013.

The currency reserve volume increased by 15.16 percent or by $1.674.1 billion per annum.

According to the CBA plans, following this year the figure should total $15 billion.

In 2012, the CBA began with foreign exchange reserves of $10.48 billion and for 2012 it accumulated them by 11.58% ($1.2 bn). Over 2011 foreign exchange reserves of the CBA grew by 63.6%, or $4.07 billion - an absolute record for the CBA.

Azerbaijan's strategic currency reserves are formed from CBA reserves, SOFAZ assets and treasury of the Finance Ministry.

In Azerbaijan, where the structure of the strategic currency reserves is determined based on the currency structure of foreign trade, foreign debt and the currency of the monetary policy, the U.S. dollar plays the key role in all components.

Meanwhile, the monetary base in Azerbaijan increased by 1.5% in June 2013 compared to May.

As of 1 July 2013 the monetary base amounted to 10.265 billion mantas versus 10.1 billion manats by 1 June and 10.515 billion manats (absolute record) by 1 January 2013.

The figure was 8.275 billion manats by 1 January 2012 and 6.397 billuion manats by 1 January 2011.

In 2011, the monetary base grew by 29.4% and in 2012 it grew by 27.06%.