CBAR reserves at the highest level in 16 months
Azerbaijan Central Bank (CBAR) reserves were up 4.2% m/m to US$ 4.6bn in April 2017 (+12.1% y/y), the highest level since end-2015. It is 16.2% higher than the record low recorded in December 2016. In the meantime, the monetary base is up 4.8% m/m to AZN 7.6bn (+13.4% y/y), while in US$ terms, it is up 6.2% m/m to US$ 4.5bn (+0.4% y/y).
CBAR keeps interest rates unchanged
CBAR kept the policy rate stable at 15.0% in the management board meeting held on May 1, 2017. The rate was last changed on August 8, 2016, from 9.5% to 15.0%.
SOFAZ sold US$ 220.8mn in April 2017
Azerbaijan State Oil Fund (SOFAZ) sold US$ 220.8mn FX through auctions organized by CBAR in April 2017, down from US$ 250.0mn sold in the previous month.
Crude oil exports and prices up in April 2017
According to the figures published by Azerbaijan State Oil Company (SOCAR), crude oil exports were up 7.3% m/m to 1.7mn tons in April 2017 (+19.1% y/y). In 12-month cumulative terms, crude oil exports were at 20.4mn tons or 4.4% less than in the 12-month period ending in April 2016.
Azeri crude oil price was up 1.8% m/m (+25.1% y/y) to US$ 53.8 per barrel in April 2017.
Tax receipts up in 4M17
Azerbaijan Ministry of Taxes collected AZN 2.3bn (+2.3% y/y) in taxes, or 106.3% of the planned amount in 4M17. In monthly terms, tax receipts were up 26.2% y/y to AZN 836.0mn in April 2017.
Customs Committee tax receipts, however, were down 17.8% y/y to AZN 187.0mn in April 2017. In 4M17, on the other hand, Customs Committee receipts were up 17.7% y/y to AZN 758.1mn.
