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Central Bank of Azerbaijan sees net foreign assets decline

Central Bank of Azerbaijan sees net foreign assets decline

24 November 2009 17:18 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of November 1, the Central Bank of Azerbaijan posted its net external assets at AZN 4 171.9 million, down 13.4% from a year ago and down 18.4% from early this year.

This figure increased by 7.3% in October.

According to statistics, total international reserves reached AZN 4 422.4 million, down 9.4% from a year ago and 14.6% 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 250 million, up 4 fold from a year ago and from early this year.
The central bankâ€™s external liabilities soared by 0.6% in October alone.

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