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Azerbaijan says money base goes up

Azerbaijan says money base goes up

05 August 2009 10:55 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of July 1, the national currency (manat) monetary base stood AZN 3 888.9 million, up 3.8% or AZN 140.4 million from a year ago, said the Central Bank of Azerbaijan.

However, manat money stock declined by 18.7% or AZN 892.4 million during January-July.

The monetary base declined four consecutive months during 2008 but started to increase in May.

The rise was AZN 140.9 million in May and AZN 68.4 million in June.

The monetary base (i.e. the reserve money) includes currency in circulation and reserves which commercial banks hold in their accounts with the central bank.

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