CBA: Azerbaijan’s strategic currency reserves is enough for 3-year import

CBA: Azerbaijan’s strategic currency reserves is enough for 3-year import
# 14 August 2013 12:38 (UTC +04:00)

This volume can finance about 3-year imports of goods and services. At the same time, strategic currency reserves of the country is almost 8 times higher than the national debt. Since the beginning of the year, currency reserves increased by 8.8% to $12.7 billion. This is sufficient to finance the import of goods and services for 9 months.

At present, the ratio of strategic currency reserves to GDP is close to 70%. High growth rates of foreign exchange reserves was the main factor for the formation of a strong macroeconomic buffers and reduce the sensitivity of the economy to external crises.

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