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National Bank of Azerbaijan posts foreign assets slumped

22 April 2009 09:00 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of April 1, National Bank of Azerbaijan posted its total international assets at AZN 4 190.3 million, up 5.8% or AZN 229.7 million from a year ago.

The central bank said its foreign assets dwindled by AZN 989.9 million or 19.1% in the first quarter 2009 and dipped by AZN 621 million or 12.9% during March alone.

The central bankâ€™s foreign assets grew during recent years with the sharpest growth in value during 2008. For instance, foreign assets increased by AZN 1 097 million or twice in 2006, AZN 1 433.2 million or 66% in 2007 and AZN 1 568.2 million or 43% in 2008.

The drop in the first quarter this year indicates the impact of global financial crisis and could be mainly attributed to two reasons, - assets depreciation or assets spending. The both reasons are applicable now.

At the same time, the national bank poured foreign reserves to the domestic market to maintain the home currency stable.