Currency reserves of the Central Bank of Azerbaijan (CBA) increased by approximately $870.2 million (21 percent) in July 2017 as compared to June 2016, and amounted to $5,033.1 million.

Axar.az reports citing website of the Central Bank of Azerbaijan.

CBA’s reserves increased by $69 million (1.4 percent) for the month, while by $1,058.7 million (26.6 percent) since early 2017.

Currency reserves of the CBA decreased by more than $1 billion or by 20.78 percent in 2016 as compared to 2015.

CBA’s currency reserves have started to decrease since July 2014. The reduction was at a slower rate (within a range of $20 million to $50 million) at the beginning, but a sharp decline began in December 2014 due to an increase in demand for dollar in the country.

During 2016, the currency reserves increased by 0.9 percent in March, 1.35 percent in April, 3.97 percent in May, 0.7 percent in August and 0.14 percent in November.