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).
