Azerbaijani central bank's currency reserves exceed $13.2 bln
By Aynur Jafarova
Total currency reserves of the Central Bank of Azerbaijan (CBA) exceeded $13.2 billion as of October 1, a report posted on the bank's website on October 3 said.
According to the CBA, since early 2013, the currency reserves of the bank have increased 13.4 percent or by $1.568 billion. As of the beginning of 2013, the currency reserves stood at over $11.694 billion.
The CBA is studying new instruments for management of its currency reserves. According to Deputy Chairman Khagani Abdullayev, the bank is not considering any drastic, profitable options of placement and resorts to instruments with stable rating.
"Currently our strategy includes several items on the diversification of instruments. We don't expect any radical displacements in the portfolio. However, we are considering new instruments in developing markets. Principally, they are long-term securities and deposits," Abdullayev said.
Rapid growth of the currency reserves was the main factor for the formation of a strong macroeconomic buffer and reduction of sensitivity of the domestic economy towards external shocks.
The increase in reserves led to the maintenance of the continued net investment position of the country at an acceptable level.
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