The Azerbaijan State News Agency

ECONOMY

NATIONAL BANK INCREASES CURRENCY RESERVES

03.04.2004 [20:58]
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The volume of currency reserves of the National Bank of Azerbaijan has reached record $763,8 million exceeding the level of early 2004 by 0,88 percent. Excluding oil sector, it is quite enough to import goods and services within 4,3 months. The level of currency reserves of the National Bank decreased by 8 percent in 2003 in comparison with the beginning of the year. In the first quarter 2004, $22,6 million was spent on repayment of the IMF’s credit and interest debts. Thus, the relative growth made up $30 million. The currency reserves increased mainly because of purchases in the domestic currency market. Manat exchange rate against US dollar changed just 2 points or 0,04 percent reaching 4925 manats for $1. The existing nominal rate of manat paved the way for the increase of the international competitiveness of the economy of Azerbaijan.