CBAR reserves down to US$4.2bn in July 2016
Reserves of the Central Bank of Azerbaijan declined 2.8% m/m (-51.0% y/y) in July 2016 to US$ 4.2bn. Decrease in reserves was primarily due to FX interventions as CBAR sold US$ 150mn in the open auction in July 2016.
Refinancing rate up from 7.0% to 9.5%
Central Bank of Azerbaijan increased its key refinancing rate from 7.0% to 9.5% effective from August 8, 2016, while keeping floor (4.0%) and ceiling (15.0%) interest rates stable. With this move, CBAR has already raised rates for the third time in 2016, the first rate increase from 3.0% to 5.0% took place in February 2016 and the second one in March 2016 from 5.0% to 7.0%.
SOFAZ crude oil exports up 14.8% m/m in July 2016
SOCAR exported 1.9mn tons of crude oil in July 2016, up 14.8% m/m. In 7M16, however, crude oil exports were down 5.3% to 12.2mn tons. Monthly average price of BTC FOB Ceyhan crude was down 5.0% m/m (-18.5% y/y) to US$ 47.0/bbl.
SOCAR reports crude oil exports of the company and Azerbaijan state.
Tax revenues slightly above the budgeted level
According to the Ministry of Taxes, its tax revenues stood at AZN 3.8bn in 7M16, corresponding to 100.4% of the budgeted figure. However, compared to 7M15, revenues are down 6.2% y/y. In monthly terms, revenues in July 2016 were down 12.9% y/y to AZN 0.7bn.
