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Central Bank of Azerbaijan sees net foreign assets decline

07 September 2009 13:00 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of August1, the Central Bank of Azerbaijan posted its international (external) assets at AZN 3 964.5 million, down 21.4% from a year ago and down 23.5% from early this year.

According to statistics, net external assets reached AZN 3 908.8 million, down 21.3% from a year ago and down 23.6% from early this year.

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.

At the same time, external liabilities made AZN 54.6%, down 25.2% from a year ago and down 15.9% from January 1, 2009.

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Central Bank of Azerbaijan sees net foreign assets decline

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