Currency reserves to double in 2008
Azerbaijan's currency reserves are expected to reach $20 billion
by the year-end, President Ilham Aliyev told a parliamentary
session last week.
He said the figure currently exceeds $10bn. Over half of the amount
is made up by the assets of the State Oil Fund, the body that holds
revenues from the country's energy sector.
Aliyev said the Fund's assets will be measured in hundreds of
billions of dollars in the coming years. "It is accumulating means
to secure a bright life for future generations," he added.
The currency reserves are derived from the funds of the National
Bank of Azerbaijan (NBA) and the Oil Fund as well as state funds.
The NBA currency reserves increased $291.4m over the first four
months of 2008 to exceed $4.306bn.
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