Falling Oil Prices and Declining of Currency Reserves

Falling Oil Prices and Declining of Currency Reserves

Caused by oil price decline in the world market, Central Bank’s intervention costs have decreased since August 2014 in Azerbaijan- Center for Economic and Social Development (CESD) reports. According to the official data of Central Bank of Azerbaijan Republic (CBAR), which published on January 08 2015, decline has been observed in both total reserves and currency reserves. CESD underlines that CBAR has already stopped dollar sterilization due to decline in the country’s oil income. Alongside that, low oil price will push the CBAR to extend local currency sterilization in up-coming months of 2015.

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