Azerbaijan's foreign currency reserves declined by 61.6 % year-on-year to $5.02 billion by December 31, the country's central bank said on Friday, January 22, Reuters reports.

The bank's reserves have fallen from to $13.758 billion at the end of 2014, due to the central bank intervening to support the country's manat currency.

Azerbaijan's central bank said it sold a total of $98.2 million on the foreign exchange market on Friday, Daily Mail says.

The manat has lost more than a third of its value against the dollar in the past month.

Oil and gas account for 75 percent of the Azeri state's revenues.