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Central Bank of Azerbaijan posts growth in foreign assets in May

02 July 2009 13:02 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of June 1, the Central Bank of Azerbaijan posted its international (external) assets at AZN 4 192.4 million, down AZN 321.7 million or 7.1% from a year ago.
According to statistics, external assets decreased by 19.1% or AZN 987.8 million during January-June this year, - AZN 45.6 million in January, AZN 323.3 million in February, AZN 621 million in March and AZN 24.7 million in April.

However, there was a rise of AZN 26.8 million in May after the decline for several months.

The decrease during four months running came after the rapid accumulation of assets over the recent year. Total foreign assets doubled in 2006, increased by 66% in 2007 and grew by 43% in 2008.

There are several factors which could probably erode assets.

The central bank loosened monetary policy and slashed refinancing rate to allow commercial banks an access to funds.