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Strategic currency reserves exceeds external public debt by 10 times in Azerbaijan

Strategic currency reserves exceeds external public debt by 10 times in Azerbaijan

12 March 2012 08:49 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijanâ€™s strategic currency reserves rose by 22 times to $ 41 bln, said the Report of the Cabinet of Ministers on activity in 2011.

According to report, this index was approximately equal to 65% of GDP: â€œCurrency reserves are sufficient to financing of 3-year commodity and service import and exceeds the external public debt by 10 timesâ€.

CB currency reserves rose 60% to $ 10.5 bln in 2011.

Note that, as of January 1, 2012, Azerbaijanâ€™s external public debt made $ 4,816.7 mln, up 24.9% from previous year.

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