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CBA clarifies issue on reduction of official currency reserves

08 December 2014 09:27 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. Central Bank of Azerbaijan has clarified the issue on reduction of official currency reserves.

According to CBA, the reduction occurred through relative change relating to strengthening of USD against other currencies. The currency reserves are managed by diversifying to different freely convertible currencies such as USD, Euro and Pound sterling in accordance with CBA’s investment strategy. Therefore, strengthening of USD against these currencies leads to change of relative value of reserves as a result of re-evaluation in USD.

Despite the reduction in currency reserves since July, CB currency reserves continue to increase in 2014 too: “As at the end of November, the currency reserves rose 6% to $14,996 mln. Forecasts indicate that the growth will continue in the next year too”.