CBAR reserves down 3.1% m/m to US$ 4.0bn
Central Bank’s reserves were down 3.1% m/m in October 2016, the highest monthly drop of the last eight months. At US$ 4.0bn, reserves are at the lowest level since 2007 and are down 41.4% in annual terms.
SOFAZ sold US$ 371.0mn in FX auctions in October 2016
At FX auctions organized by CBAR, State Oil Fund of Azerbaijan Republic sold US$ 371.0mn in October 2016, 41.2% less than in the previous month and the lowest amount of the last six months.
Oil exports up 45.5% m/m to 2.0mn tons
According to SOCAR, the company exported 2.0mn tons of crude oil in October 2016 (+45.5% m/m and +13.4% y/y). In 10M16, exports were down 5.1% y/y to 17.1mn tons. SOCAR exports crude oil belonging to the company as well as to the Azerbaijan state.
Monthly average price of BTC FOB Ceyhan oil was up 8.6% m/m to US$ 51.4 per barrel, the highest level of the last 15 months. In annual terms, the price was up 2.6%, the first increase in the last 27 months.
Banking sector loans down 0.3% m/m in September 2016
After a 0.8% m/m increase in August 2016, banking sector loans were down 0.3% m/m (-12.2% y/y) to AZN 16.3bn in September 2016. Following three months of increases, household savings, which account for 33.5% of total deposits at commercial banks, were down 1.5% m/m (+6.9% y/y) to AZN 7.8bn in September 2016.
