Currency reserves of Azerbaijan Central Bank dropped below $ 9.5 billion US

Currency reserves of Azerbaijan Central Bank dropped below $ 9.5 billion US

The Central Bank of Azerbaijan (CBA) reports that devaluation failed to save its currency reserves from fall started in December 2014.The CBA reports that as of 1 April 2015 its currency reserves totaled $9.472 billion US versus $11.004 billion US by 1 March, $12.68 billion US by 1 February $13.758 billon US by 1 January 2015.

It is the first time that CBA’s currency reserves have dropped below $ 10.0 billion US since 2011.

For comparison, CBA currency reserves reached $14.996 billion by 1 December, 2014 and $15.193 billion (absolute record) by 1 August 2014. They totaled $14.15 billion US by 1 January 2014 and $11.69 billion US by 1 January 2013.
Decrease of CBA currency reserves in March 2015 totaled $1.532 billion US (-14%). In 2015 their decrease totals already $4.286 billion US (-31.2%). Since December 2014 they have fallen by $5.523 billion US (-36.8%).

In accordance with CBA forecast, by the end of 2014 currency reserves should have reached $16 bn, but the forecast was made before the fall in world oil prices.

CESD forecasts that CBA’s intervention cost will be increased up-coming months due to high demand for the dollar and less trust to the national currency.

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