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National Bank of Azerbaijan posts 7% fall in net foreign assets

National Bank of Azerbaijan posts 7% fall in net foreign assets

30 March 2009 13:21 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of March 1, National Bank of Azerbaijan posted its net foreign assets at AZN 4 754.1 million, up 30.4% from a year ago.
The central bank said its net foreign assets dwindled by AZN 319.8 million or 6.3% in February and dipped by AZN 361.2 million or 7.1% during January-February.
The central bankâ€™s net foreign assets grew during 2008 with the sharpest growth in December (AZN 456.5 million). The drop in January- and February this year could be mainly attributed to the national bankâ€™s pouring foreign reserves to the domestic market to maintain the home currency stable.
Although there is no official information available, one can understand that foreign assets, as a rule, dwindle because of this factor.

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