For the year foreign exchange reserves declined by 42%

Starting in 2016, the volume of international reserves of Azerbaijan Central Bank decreased by 16.43% from $5,016 billion to $4,1925 billion, follows from the data published on the website of the national Bank.

During the year the volume of foreign exchange reserves fell by approximately 42.7 per cent to 31 August 2016, it was estimated at $7,315 billion.

The dollar exchange rate to Azerbaijani manat for that period (from the beginning of September 2015) increased by 55.75% of – 1,0497 1,6321 manat to manat per dollar.

In the spring of 2016, Bloomberg called the manat is the worst currency in the world, noting that after Central Bank of Azerbaijan has announced the transition to a floating exchange rate of the manat, the dollar is the national currency of Azerbaijan has increased by about half.

With the decline of the manat number of banks have imposed restrictions on the sale of foreign currency, because of its shortage of credit institutions. At the end of August 2016, the President of the Association of banks of Azerbaijan Zakir Nuriyev said the Agency that restricting the sale of dollars is an inevitable step.

“The problem is that banks have little foreign currency. If they had enough dollars, of course, would sell them to customers. Currency exchange is a non-credit income of the Bank, though one of the sources of income. Of course, banks could profit if they had such opportunity”, – Nuriyev said.