CBAR reserves up 1.5% m/m to US$ 4.4bn in March 2017
In March 2017 Central Bank of Azerbaijan’s (CBAR) reserves were up 1.5% m/m (9.0% y/y) to US$ 4.4bn, the highest level of the last 15 months. Reserves have been increasing for three months in a row and are up 11.5% from the December 2016 low.
Monetary base up in March 2017
After two months in decline, the monetary base in manat was up 4.2% m/m to AZN 7.3bn (US$ 4.2 bn). In annual terms, the monetary base in manat was up 11.3% y/y.
FX sold at auctions down 3.3% m/m in March 2017
In the bi-weekly auctions organized by CBAR, State Oil Fund (SOFAZ) sold US$ 250.0mn in March 2017 or 3.3% less than in the previous month. Excluding December 2016, when SOFAZ sold US$ 246.0mn, the March 2017 figure was the lowest of the last 13 months.
Overall, SOFAZ sold US$ 793.4bn (AZN 1.4bn) in 1Q17. This figure represents 23.2% of budgeted transfers to the state budget in 2017.
Crude oil exports and price down in March 2017
According to SOCAR, exports of crude oil from Azerbaijan were down 8.2% m/m (-15.3% y/y) to 1.6mn tons in March 2017. The price of Azeri crude in March 2017 was down 6.7% m/m to US$ 52.9/bbl. In annual terms, the price was up 32.8%.
SOCAR payments to the budget up 21.2% y/y in 1Q17
In March 2017, SOCAR paid AZN 134.0mn (-0.4% m/m or +22.6% y/y) to the state budget in taxes and AZN 11.1mn (-12.3% m/m or +1.7% y/y) to the State Social Protection Fund. SOCAR payments to the consolidated budget were up 21.2% y/y to AZN 432.9mn in 1Q17.
