Azerbaijan foreign currency reserves are now less than half of what they were last year

New data released by the Central Bank of Azerbaijan shows that the country's foreign currency reserves have decreased by more than half in the last twelve months. The report, quoted by the News Agency APA, says that the reserves stood at US$4,162,900,000 on 29 July, down US$4,338,600,000, or 51%, in comparison with the same period in 2015.

The data indicates that the decline in reserves is continuing and a decrease of  2.8% or US$121 million was registered for July 2016.

Azerbaijan has been aversely affected by the sharp drop in the price of oil. The value of the national currency, the manat, also dropped sharply last year reflecting huge reductions in the country's revenues from the energy sector.

source: commonspace.eu with APA.

Photo: The Central Bank of Azerbaijan (archive picture).

 

Related articles

Editor's choice
News
The great American love-in in the South Caucasus has ended

The great American love-in in the South Caucasus has ended

US Vice President J.D, Vance has ended his whirlwind visit to the South Caucasus having been in Armenia on Monday (9th February), and Azerbaijan on Tuesday (10th February). It was a big success. Vance was on his best behavior, and went out of his way to be nice and complimentary to his hosts. In Yerevan, the Vice President and Armenia’s Prime Minister Nikol Pashinyan signed a joint statement on the completion of negotiations on a 123 Agreement, which establishes a legally binding framework for peaceful nuclear cooperation between the U.S. and partner countries. While in Azerbaijan, Vance and Azerbaijani President Ilham Aliyev signed a Strategic Partnership Charter between the U.S. and Azerbaijan that covers regional connectivity, economic investment, and security and defense issues.  The guests were happy, and the hosts were delighted. Now it is time to put what was agreed in practice. That will be more challenging.

Popular

Editor's choice
Interview
Thursday Interview: Murad Muradov

Thursday Interview: Murad Muradov

Today, commonspace.eu starts a new regular weekly series. THURSDAY INTERVIEW, conducted by Lauri Nikulainen, will host  persons who are thinkers, opinion shapers, and implementors in their countries and spheres. We start the series with an interview with Murad Muradov, a leading person in Azerbaijan's think tank community. He is also the first co-chair of the Action Committee for a new Armenian-Azerbaijani Dialogue. Last September he made history by being the first Azerbaijani civil society activist to visit Armenia after the 44 day war, and the start of the peace process. Speaking about this visit Murad Muradov said: "My experience was largely positive. My negative expectations luckily didn’t play out. The discussions were respectful, the panel format bringing together experts from Armenia, Azerbaijan, and Turkey was particularly valuable during the NATO Rose-Roth Seminar in Yerevan, and media coverage, while varied in tone, remained largely constructive. Some media outlets though attempted to represent me as more of a government mouthpiece than an independent expert, which was totally misleading.  Overall, I see these initiatives as important steps in rebuilding trust and normalising professional engagement. The fact that soon a larger Azerbaijani civil society visits to Armenia followed, reinforces the sense that this process is moving in the right direction." (click the image to read the interview in full)