Bank Of Baku

Cheap oil and CB multibillion-dollar interventions reduced currency reserves 24% - SOFAZ

Cheap oil and CB multibillion-dollar interventions reduced currency reserves 24% - SOFAZ
# 29 June 2016 13:32 (UTC +04:00)

In the reporting period, the currency reserves declined 24.1% or $12,271,600,000: “the decline was caused by Central Bank’s multibillion-dollar interventions to prevent negative impacts of low oil price on the exchange rate of manat”.

 

87% or $33.57 bln of the reserves belonged to SOFAZ, 13% or $5.03 bln to CBA.

 

During the same period, SOFAZ currency reserves dropped 9.5% or $3.53 bln to $33.57 bln. 

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