ECONOMY


CURRENCY RESERVES OF NATIONAL BANK OF AZERBAIJAN MAKE UP USD 707,4 MILLION

According to the National Bank’s press-service, the volume of official currency reserves at Bank’s disposal increased on October 1 2003 up to $707,4 million.

Despite $59,5 million have been spent on repaying the main IMF debt, interest payments and transferring of $65,4 million to the Oil Fund for the Baku-Tbilisi-Ceyhan oil pipeline construction, the volume of official currency reserves at NB’s disposal have increased by $26,9 million for 9 months of 2003. It was mainly provided by currency purchases at the internal currency market.

For reporting period, taking into consideration credits of international finance institutions ($52,6 million) the relative growth amounted to $72,3 million.

For 9 months, the official rate of manat against US dollar came to just 17 manat having changed by 0,3% to 4910 manat. While for 9 months 2001-2002 it was 128 manat (2,7%) and 122 manat (2,55%).

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