Azerbaijani Central Bank sees 18% growth in currency reserves

By  Trend

Currency reserves of the Central Bank of Azerbaijan (CBA) amounted to $5,465.8 billion in April 2018, which is $846.5 million (18.3 percent) more than in the same period last year, according to statistical data posted on the CBA website.

During the month, CBA reserves rose by $42.2 million.

Currency reserves of CBA increased by $1.36 billion or 34.2 percent in 2017 as compared to 2016.

CBA's currency reserves started to decrease in July 2014. The reduction was at a slower pace (within a range of $20 million to $50 million) in the beginning, but a sharp decline began in December 2014 due to an increase in demand for US dollar in the country.

During 2016, the CBA currency reserves increased by 0.9 percent in March, 1.35 percent in April, 3.97 percent in May, 0.7 percent in August, and 0.14 percent in November.