In the first half of 2014, Azerbaijani Central Bank's (CBA) monetary reserves rose by seven percent up to $15,163 billion, which largely exceeds the international norms of sufficiency of monetary reserves, CBA said Aug. 13.
"Supply exceeds demand in recent years under conditions of surplus of payments balance in the country's monetary market. In this regard, the CBA is carrying out monetary intervention, which leads to an increase in its monetary reserves," according to a message from the CBA.
In 2010, the CBA purchased currency worth $1,385 million, in 2011 - $4,153 million, in 2012 - $1,584 million, in 2013 - $2,457 million, and in the first half of 2014 - $967.4 million.
"Monetary intervention is carried out in order to prevent excessive reduction in price of a foreign currency or to strengthen the national currency, and is a purchase of an excess amount of the foreign currency," CBA said.