Central Bank of Azerbaijan loses over $5B foreign exchange reserves since early 2015

Central Bank of Azerbaijan loses over $5B foreign exchange reserves since early 2015
16:52 4 Sentyabr 2015
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Baku, Azerbaijan, Sept.4

By Azad Hasanli – Trend:

During August 2015, the Central Bank's foreign exchange reserves declined by $1.186 billion (13.95 percent) and by $7.3 billion compared to the same period of 2014, said the statistical data published Sept.4 on the website of the CBA.

Since the beginning of 2015 foreign exchange reserves owned by the Central Bank of Azerbaijan (CBA), decreased by $5.37 billion (42.3 percent).

The decline in the CBA foreign exchange reserves has been observed since July 2014. Earlier, this happened slowly (around $20-50 million). But their volume has sharply reduced since December. This is associated with an increase in demand for dollar supply in the country.

However, the growth of foreign exchange reserves resumed in May-June 2015. In May, the Central Bank reserves increased by $42.9 million (0.51 percent) - up to $8.43 billion compared to April, and by $89.4 million (1.06 percent) in June. However, after a slight growth, the reduction of foreign exchange reserves of the CBA continued.

The reduction in foreign exchange reserves is due in particular to the intervention carried out by the Central Bank on the foreign exchange market in order to keep the exchange rate of manat against the US dollar at a stable level.

Edited by CN

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