Azerbaijan’s Central Bank reserves grow 1% in June

The reserves expanded to $8.52 billion as of June 30 from $8.43 billion on May 29.

The holdings fell 44 percent in June year-on-year (from $15.2 billion in June 2014), according to Central Bank data.

The Central Bank reserves declined as the bank struggled to support the national currency, manat, while crude oil prices plunged.

Crude oil accounts for over 95 percent of Azerbaijan’s exports.