National Bank of Azerbaijan posts a 2.4 times rise in strategic currency reserves

National Bank of Azerbaijan posts a 2.4 times rise in strategic currency reserves
# 16 December 2008 15:31 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. As of October 1, Azerbaijan’s strategic foreign exchange reserves stood at US $17 896.8 million, up 2.4 times on early this year, according to the country’s balance of payment for January-September.
Of this, $10 382.2 million is the assets of State Oil Fund of Azerbaijan (SOFAZ), $1 555 is government deposits and $5 959.6 million is the total international assets owned by the National Bank of Azerbaijan.
The central bank’s official foreign exchange reserves account for $5 438.6 million of its total reserves.
This amount is enough to finance 8-month imports of goods and services except the oil-gas sector, twice the adequacy level accepted by international practice.
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