OREANDA-NEWS. October 4, 2011. The decline of currency reserves of the Central Bank of Azerbaijan (CBA) reached 2.4% for September and reached already 8.4% for Jan-Sept 2011 against index by early 2011.

In 2009 the Bank lost 15.7% or USD 961.4 million of its currency reserves, while in 2010 their rise made USD 1.245 bn or 24.1%. In particular, the CBA managed to compensate losses of 2009 and obtain net rise at the level of USD 284.5 million for two years.

The CBA reports that as of 1st October 2011 its currency reserves totaled USD 6.9 bn versus USD 7.114 bn (new absolute record) by 1st September, USD 7.073 bn by 1st August, USD 6.947 bn by 1st July, USD 6.898 bn by 1st June, USD 6.718 bn by 1st April, USD 6.705 bn by 1st March, USD 6.566 by 1st February, USD 6.407 by 1st January 2011, USD 5.175 bn by 1st January of 2010 and USD 6.137 bn by 1st January 2009.

The CBA expects that its currency reserves by the end of 2011 will reach USD 8 bn and their current level reduced from 88.93% to 89.79% of the forecast.

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.