Azerbaijan's strategic monetary reserves top $41bn

Thu 01 Dec 2011 03:48 GMT | 07:48 Local Time

Text size: bigger smaller

Azerbaijan's strategic monetary reserves reached $41.5bn as of 1 November 2011.

The statement came from head of the Research Center at the Central Bank of Azerbaijan Emil Huseynov.

He spoke at the opening of the Baku International Banking Conference of the CIS member-states "CIS financial markets; ways of sustainable development in conditions of global instability".

According to him, the reserves cover almost the three-year import of goods and services.

As reported earlier, by results of 8 months 2011, strategic monetary reserves of Azerbaijan made up $40.5bn or 65% of GDP.

Under the budget bill and consolidated budget of Azerbaijan for 2012, as well as the indicators of the consolidated budget for the next three years, posted on the official website of the Finance Ministry of Azerbaijan, in 2011, the country's strategic reserves will reach 75%.



Most read articles

More from Economy

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate

Virtual karabakh