During Year Currency Reserves of Central Bank of Azerbaijan Decreased by Almost Half

From July 2014 to May 2015 the foreign exchange reserves of the Central Bank of Azerbaijan decreased from $ 15 billion 193 million to $ 8 billion 387 million.

According to the report on the website of the Central Bank of Azerbaijan, the reserves have been decreasing for almost a year.

However, the sharpest drop in reserves occurred during the first four months of this year - from $ 13 billion 758 million or by 4 billion 292 million dollars (over 39%).

In the second half of 2014 the reserves declined steadily by about 1 billion monthly. Reduction in April 2015 amounted to over 1 billion 84 million.

Recall that in February, the head of the Central Bank said that the manat rate will gradually decline against the major currencies. This caused a stir and buying dollars by the population. According to the President, in a few days the population bought up a few billion dollars. In response, the authorities carried out a sharp devaluation of the national currency and the manat per day fell by 34%. -02D-

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