TODAY.AZ / Business

CBA kicks gold reserves high

12 March 2014 [09:00] - TODAY.AZ
By AzerNews

Central Bank of Azerbaijan (CBA) has received around 150 kilograms of gold produced in the country in 2013, a report on the results of the government's activities in 2013 shows.

The report says products extracted at the Gadabay field was sent to Switzerland for cleaning after processing at the plant for processing gold and copper. The Swiss MKS Finance SA company has cleaned the produced gold, after which the share of government, namely 4790.5 troy ounces in gold bullion (149 kilograms), was placed in the CBA for storage.

Under the terms of a production sharing agreement with the Azerbaijan's government (PSA), "Anglo Asian Mining" has the rights for exploration and mining of mineral resources in an area of ??about two thousand square kilometers, including three contract areas.

The resource base of the company exceeds 36 tons of gold, 292 tons of silver, and 94,000 tons of copper. The largest of the fields developed by the "Anglo Asian Mining", is the "Gadabay" comprehensive mine.

Moreover, the statistical report of the Central Bank (CBA) announced on March 7 showed that Azerbaijan's enhanced monetary base amounted to 11.143 billion manat as of February 1, 2014.

The country's monetary base grew by 12.1 percent on an annualized basis, the CBA said. For comparison, this figure amounted to 9.938 billion manat in January, 2013.

The bank's report says the monetary base amounted to 11.038 billion manat as of February 1, 2014, compared to 9.843 million manat as of February 1, 2013.

During the reported period, the volume of money in circulation amounted to 10.530 billion manat, while this figure amounted to 9.360 billion manat as of 1 February 2013.

Mass ratio of cash in circulation to the monetary base amounted to 94.5 percent as of February 1, 2014, versus 94.2 percent as of 1 February, 2013, the bank said.

The bank reserves, in turn, amounted to 598.4 million manat, which is 6.25 percent more than the end of January 2013 (563.2 million manat).

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