OREANDA-NEWS. December 08, 2009. Alim Guliyev, the CBA first deputy chairman of board, says that they do not expect grave correction of the level of Bank’s currency reserves.

“Following 2009 they are forecasted to be less than US5 bn but will hardly exceed US 6 bn,” he said.

This November the CBA increased its currency reserves by US 88.2 million that makes their growth for month by 1.7%.

For Jan-Nov 2009, the CBA lost 15.6% or US 955.9 million of its currency reserves.

The CBA says that as of 1st December 2009, its currency reserves amounted US 5.18 bn versus US 5.09 bn in November, US 5.1 bn by 1 October, 5.001 bn by 1st September, US 4.787 bn by 1st August, US 5.08 bn by 1st July, US 5.026 bn by 1st June, US 4.906 bn on 1st May, US 4.96 bn by 1st April, US 5.636 bn on 1st March, US 5.975 bn on 1st February and US 6.137 bn on 1st January 2009.

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

As of 1st July 2008 they totaled US 5.225 bn and as of 1st December 2008 - US 5.348 bn.

In 2008, growth of reserves made US 2.12 bn or 52.8%. In 2008 the NB was ready to acquire up to US 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 US 2.048 bn and reached US 4.015 bn by December 31, and the bank earned US 150 million from their placement.

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