Low oil prices caused reduction of Azerbaijan’s currency resources by another $1.2 billion

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pulumuzDuring January 2016 resources of Central Bank of Azerbaijan (CBA) reduced by $618,200,000 or by 12.32% and by February 1, 2016 they totaled $4,398,500.

            Last year State Oil Fund of Azerbaijan (SOFAZ) has sold currency worth $600 million at the local market.

            Over $1.2 billion was spent in January 2016 from the currency resources of the country to support manat.

            Spending of such an amount of money to support national currency rate was caused by very low oil prices in January. According to SOCAR, in January 2016 average export price of Azerbaijan BTC FOB Ceyhan oil was $32.33. A year ago the price was $48.00 per barrel in January.

            SOFAZ has not disclosed results of its operations for 2015 and its assets by early this year are unknown. Judging by all, the Fund has about $33 billion.

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