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Central Bank of Azerbaijan sees net foreign assets decline

Central Bank of Azerbaijan sees net foreign assets decline

10 November 2009 09:54 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of October 1, the Central Bank of Azerbaijan posted its net external assets at AZN 3 886.9 million, down 18% from a year ago and down 24% from early this year.

According to statistics, total international reserves reached AZN 4 136 million, down 14% from a year ago and 20.2% from early this year.

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

At the same time, external liabilities surged to AZN 248.5 million, up 3.7 fold from a year ago and 3.8 fold from early this year.
The central bankâ€™s external liabilities soared from AZN 54.6 million to AZN 203.4 million in August.

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