OREANDA-NEWS. September 03, 2009. The Central Bank of Azerbaijan (CBA) plans to restore a large part of currency reserves  till the end of 2009.

Elman Rustamov, CEO of CBA reported at a news conference today that the bank would plan to restore reserves in full, if it were not for loan delivered to the State Oil Company of Azerbaijan (SOCAR).

“As a result, we expect growth of reserves to USD 5.5 bn by the end of year,” E.Rustamov said. For the time being, they total USD 5,001.2 millions against USD 6,137 million at the beginning of year.

‘Over first six months of year our income from management of currency assets made up USD 23 million, and can grow up to USD 50 million by the end of year. At the same time, assets in the amount of  USD 350 million are managed by foreign managers,” E.Rustamov noted.