Azerbaijan’s Central Bank said its reserves expanded by 11 percent in the first ten months of 2014 year on year.

The reserves grew to $15.03 billion in January to October from $13.6 billion a year earlier, the bank said on its website.

The holdings in October slightly fell from $15.04 in September.

Central Bank Governor Elman Rustamov said last month the rise in the bank’s assets is due to prudent management of the holdings and not because of the country’s oil income.

Azerbaijan is the third largest oil producer in the former Soviet Union.

The country pumped 43 million tons of crude oil last year.

Bakudaily.Az