Azerbaijani Central Bank’s reserves knock “the read-line”: Next devaluation is at the door

Azerbaijani Central Bank’s reserves knock “the read-line”: Next devaluation is at the door The Central Bank of Azerbaijan (CBA) lost $ 127.0 million US of its foreign currency reserves in October 2016 due to high demand for foreign currencies. CBA’s foreign currency reserves declined to $ 4,005 billion US in November 1st, 2016 from $ 4,132 billion US in October 1st, 2016. Due to law oil price in the world market, high demand for foreign... Read More

CESD Chairman: Azerbaijan national currency will continue depreciating against the dollar

CESD Chairman: Azerbaijan national currency will continue depreciating against the dollar In the coming months, the devaluation of the manat will continue, the economist Vugar Bayramov said. In an interview with Turan Bayramov noted that AZN has not found its real exchange rate. Note that in the last two months the dollar in respect to manat has been growing. If on July 1, 2016, the dollar was worth an average of 1.56 manats, in August there is a... Read More

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... Read More