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S&P: CBA currency reserves to increase up to $9.4B by 2022

30 July 2018 11:05 (UTC +04:00)

Standard & Poor’s Global Ratings forecasts Central Bank of Azerbaijan’s (CBA) currency reserves to increase up to $9,382,000,000 by 2022.

According to the agency, the CBA currency reserves madeup $5.3 billion in 2017: ‘The currency reserves will increase by 75.8% in 2018-2021’.

Teh agency says the CBA currency reserves will increase up to $5.802.000.000 in 2018, $6,987,000,000 in 2019, $8,167,000,000 in 2020.

Moreover, the agency reports that the highest level of the CB currency reserves was $15,163,200,000 on June 30, 2014.

Starting the second half of 2014, CB currency reserves have been used to stabilize manat rate. CB currency reserves dropped to $13,758,300,000 at the end of 2014, to $5,016,700,000 at the end of 2015 and to $3,974,400,000 at the end of 2016. Since last year, the currency reserves have been increasing. The currency reserves reached $5,334,600,000.