The rise of currency reserves of the Central Bank of Azerbaijan (CBA) reached 49.1% for December 2011 and 63.6% for all 2011.
In 2009 the Bank lost 15.7% or $961.4 million of its currency reserves, while in 2010 their rise made $ 1.245 bn or 24.1%. In particular, the CBA managed to compensate losses of 2009 and obtain net rise at the level of $ 284.5 million for two years. In 2011 the Bank’s currency reserves grew by $4.073 bn –absolute record for the CBA.
The CBA reports that as of 1st January 2012 its currency reserves totaled $10.481 bn (absolute maximum) versus $7.027 bn by 1st December, $6.407 by 1st January 2011, $5.175 bn by 1st January of 2010 and $6.137 bn by 1st January 2009.
The CBA originally expected its currency reserves to reach $8 bn by the end of 2011 but their current level exceeded the forecast by 31%.
The Bank has announced forecast up to $12 bn for 2012.
In 2008, growth of reserves made $ 2.12 bn or 52.8%. In 2008, the CBA was ready to acquire up to $ 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 $ 2.048 bn and reached $ 4.015 bn by 31 December, and the Bank earned $ 150 million from their placement.
In 2006 due to interventions, the Bank purchased $ 1 bn at the market and this year it expected to buy at least $ 1.5 bn. Summarizing the results of 2007, the CBA planned to bring its currency reserves up to $ 3.5 bn.
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