Azerbaijan: Central Bank reserves down 44% y/y in April

The reserves fell 11.4 percent month-on-month from $9.47 billion on March 31, according to the data.

The Central Bank spent $1.08 billion in April alone to support the national currency, manat, against the dollar.

Azerbaijan, the third-largest oil producer in the former Soviet Union, has struggled to prop up manat as crude prices fell by about 50 percent. The Central Bank devalued manat against the dollar 25 percent in February.