Azerbaijan currency reserves had a fall of $2.5 bn
Baku, Fineko/abc.az. The Central Bank (CB) of Azerbaijan running payment balance statistics reports that for the 1st quarter of 2009 country’s strategic currency reserves slumped by 13.5% against rise of 2.5-fold in 2008 and 68.9% in 2007.
As of 1st April 2009 Azerbaijan’s strategic currency reserves reduced to
$160.467 bn versus $18.555 bn by 1st January 2009, $7.379 bn by 1st January 2008 and $4.369 bn by 1st January 2007.
For the reported period they formed from assets of State Oil Fund of Azerbaijan ($10.512 bn), currency deposits of the Finance Ministry ($375 million) and overall currency reserves of the NB ($5.159 bn).
In the 1st quarter of 2009 country’s reserves decreased by $2.5 bn, including drop of SOFAZ assets by $706.4 million, Finance Mnistry’s deposits by $494 million and CB overall reserves $1.3 bn.
“As of 1st April 2009 CB real currency reserves totaled $4.96 bn versus $6.137 bn for 2008 and $4.015 bn for 2007,” it was informed.
By early 2009 country’s reserves composed SOFAZ assets ($11.219 bn), Finance Ministry’s currency deposits ($869 million) and CB overall currency reserves ($6.467 bn).
In 2007 strategic currency reserves were formed from assets of the SOFAZ ($2.475 bn), currency deposits of the Ministry of Finance ($630.9 million) and overall currency reserves of the NB ($4.27 bn).
The Ministry of Finance transferred greater part of its currency deposits under management of the SOFAZ.
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