OREANDA-NEWS. December 3, 2010. This November the rise of currency reserves of the Central Bank of Azerbaijan (CBA) resumed in June has stopped.

Last month currency reserves observed decline of USD 48.6 million. The maximum rise was registered in March (USD 334.4 million).

In 2009, the Bank lost 15.7% or USD 961.4 million of its currency reserves, and this year their rise still makes USD 903.7 million or 17.5%.

The CBA reports that as of 1st December 2010 its currency reserves totaled USD 6.079 bn versus USD 6.127 bn on 1st November, USD 6.057 bn on 1st October, USD 5.899 bn on 1st September, USD 5.658 bn on 1st August, USD 5.47 bn on 1st July, USD 5.36 bn on 1st June, USD 5.501 bn on 1st May, USD 5.51 bn on 1st April, USD 5.175 bn on 1st January of 2010 and USD 6.137 bn on 1st January 2009.

The last time CBA’s reserves were at the level of 1 November 2010 against 1 January 2009 (USD 6.137 bn).

In 2008, growth of reserves made USD 2.12 bn or 52.8%. In 2008, the CBA 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 31 December, and the Bank earned USD 150 million from their placement.

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