Finance

Home page

Finance

Azerbaijan posts strategic currency reserves at 17 billion dollars

28 July 2009 09:18 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. In the context of the raging global crisis, the economy of Azerbaijan has demonstrated greater macroeconomic stability compared to other developing countries and former soviet states, said a report released by the Central Bank of Azerbaijan.

According to the report titled â€œMonetary Policy in the First Half of 2009â€, the country enjoys 3.6% economic growth including a 4.1% rise in non-oil sector during January-June.

According to the report, despite a significant drop in fuel prices on the world market as against a year ago, Azerbaijanâ€™s foreign trade balance has had a positive trend.

The countryâ€™s foreign trade in January-May 2009 amounted to $6 853.3 million, including exports of $4 591.3 million and imports of $2 262 million.

The trade surplus amounted to $2 329.3 million.

According to the Central Bank, Azerbaijan’s strategic currency reserves reached $17 billion which is enough for import of goods and services for 24 months.

Deflation that began at the end of last year continued in the second quarter.
The country posted a 3% deflation in the first half of the year. Average annual inflation was 3.7%, down fivefold on the same period last year.