Foreign Exchange Reserves of Central Bank of Azerbaijan Grew for First Time since August 1, 2014
The Central Bank of Azerbaijan (CBA) reports that for the first time since August 1, 2014 it marked the growth of foreign exchange reserves. During May, they increased by $ 32.9 million to $ 8.43 billion.
CBA notes that this was due to the 33% devaluation of the manat in February this year.
The Center for Economic and Social Development (CESD) calls the two main reasons for the growth of the foreign exchange reserves. "First, the CBA began to borrow money through the issuance of its securities - notes CESD. - Borrowing money has helped the Central Bank to increase its foreign exchange reserves, despite the fact that the bank continues its intervention in the foreign exchange market. Second, the Central Bank lowered the intervention because of the growing demand for foreign currency. The Central Bank does not report the amount of intervention in May 2015. However, according to the monitoring of the foreign exchange market, demand for the national currency rose slightly. " -0--
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