Azerbaijan’s currency reserves hit $40bn: govt
BAKU – Azerbaijan’s currency reserves have reached $40 billion, exceeding the country’s foreign debt seven-fold, Economic Development Minister Shahin Mustafayev has said.
"The fact that our currency reserves amount to $40 billion and the annual budget to $20 billion is a high indicator of economic development in Azerbaijan," Mustafayev said Wednesday in a meeting of government officials with diaspora representatives visiting Baku to attend the third congress of world Azerbaijanis.
The minister said industrialization has been launched in Azerbaijan. The process envisions bringing cutting edge technologies and establishing industrial townships in the Garadagh district outside Baku, as well as in Ganja and Sumgayit, two other big cities of Azerbaijan, Mustafayev said.
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