CBA’s currency reserves exceed $14.7 billion
By Aynur Jafarova
The total amount of the currency reserves of the Central Bank of Azerbaijan (CBA) exceeded $14.7 billion in the first quarter of 2014.
This figure was equal to $12.33 billion in the first quarter of 2013.
Annual calculation of the CBA currency reserves raised by 19.32 percent, or $2.38 billion, the bank said on April 7.
The currency reserves of CBA increased by 21 percent and amounted to $14.152 billion in 2013.
CBA plans to increase the volume of its reserves to $16 billion by late 2014.
CBA Deputy Chairman Avtandil Babayev believes the bank's goal "is not to increase reserves, but to increase their stability."
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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