OREANDA-NEWS. September 03, 2009. In August, the Central Bank of Azerbaijan (CBA) increased its currency reserves by USD 214.2 million that makes their increase by 4.47%  against the figure by 1st August.

Over Jan-August 2009, CBA lost already 18.51%  or USD 1.135bn of its currency reserves. This is the cost which the Bank should pay for comparative stability of national currency.

The CB says that on 1st September 2009 its currency reserves reached USD 5 bn versus USD 4.787 bn by 1st August, USD 5.08 bn by 1st July, USD 5.026 bn by 1st June, USD 4.906 bn on 1st May, USD 4.96 bn by 1st April, USD 5.636 bn on 1st March, USD 5.975 bn on 1st February and USD 6.137 bn on 1st January 2009.

The last time CBA currency reserves were registered at the level less than USD 5 bn on 1st June 2008 when they totaled USD 4.323 bn.

On 1st July 2008 they totaled USD 5.225 bn and on 1st August 2008 - USD 5.223 bn.

In 2008, growth of reserves made USD 2.12 bn or 52.8%. In 2008 the NB was ready to acquire up to USD 4 bn from the market but as budget expenditures go weak and absorption at the financial market rose, the Bank’s plans were not realized.

In 2007, currency reserves rose by USD 2.048 bn and reached USD 4.015 bn by December 31, and the Bank earned USD 150 million from their placement.

In 2006 due to interventions, the NB purchased USD 1 bn at the market and this year it expected to buy at least USD 1.5 bn. As a result of 2007, CBA  planned to bring its currency reserves up to USD 3.5 bn.