The Azerbaijani Central Bank’s reserves declined 36 percent in March year on year as crude oil prices fell by more 50 percent and the national currency, manat, came under pressure from weakening currencies in neighboring countries.
The holdings fell to $9.47 billion as of March 31 from $14.7 billion a year earlier, according to figures published on the Central Bank website.
The reserves shrank 14 percent month on month.
Azerbaijan devalued manat against the US dollar 35 percent on February 21. The dollar has continued to gain despite the sharp devaluation.
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