Foreign currency reserves of Azerbaijan Central Bank fall by $101.1 million - to $5.074 billion in 2010
Baku, Fineko/abc.az. Decline of currency reserves of the Central Bank of Azerbaijan (CBA) continued in 2010.
In January to February, CBA lowered own currency reserves by $101.1 million.
During the whole last year the Bank lost 15.7% or $961.4 million of own currency reserves.
CBA reports that on 1st March 2010 its currency reserves totaled $5.07 bn versus $5.139 bn on 1st February, $5.175 bn on 1st January 2010 and $6.137 bn on 1st January of 2009.
“The last time the CBA reserves dropped less than the level as of 1st March 2010 was as of 1st September 2009 ($5.001 bn) and kept at this level until 1st November 2009 ($5.09 bn).
In 2008, growth of reserves made $2.12 bn or 52.8%. In 2008, the CBA was ready to acquire up to $4 bn from the market but as budget expenditures go weak and absorption at the financial market rose, the Bank’s plans were not realized.
In 2007, currency reserves rose by $2.048 bn and reached $4.015 bn by 31 December, and the Bank earned $150 million from their placement.
In 2006 due to interventions, the Bank purchased $1 bn at the market and this year it expected to buy at least $1.5 bn. Summarizing the results of 2007, CBA planned to bring its currency reserves up to $3.5 bn.
Tags: currency reserves
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