Azerbaijan's Monetary Base And Currency Reserves Show Significant Growth
Date
9/2/2024 10:10:29 AM
(MENAFN- AzerNews)
Akbar Novruz
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Azerbaijan has seen substantial growth in both its monetary base
and the currency reserves held by the Central bank of Azerbaijan
(CBA), Azernews reports.
As of September 1, the monetary base in Azerbaijan stood at
20.55 billion manats ($12.08 billion). Although this marks a slight
decline of 0.9% from August 1, the monetary base has grown by 13.4%
year-on-year. However, compared to the beginning of the year, there
has been a 1.6% decrease, as reported by the CBA.
In parallel, the currency reserves of the CBA reached over
$11.78 billion as of September 2. This is a 0.2% increase from
August 1. Since the beginning of 2024, the CBA's foreign exchange
reserves have increased by 1.5%. The reserves have also seen a
significant year-on-year rise of 25.8%.
These figures reflect the overall stability and positive growth
trends in Azerbaijan's financial sector, driven by effective
monetary policies and currency management by the CBA.
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