Azerbaijan’s forex reserves enough to cover three-year import
By Aynur Jafarova
Azerbaijan’s strategic foreign exchange reserves have increased by 7 percent or $3.5 billion in the first nine month of 2014.
This was noted in a report on monetary policy in
January-September 2014, released by the Central Bank of Azerbaijan
(CBA) on November 25.
The strategic foreign exchange reserves of the country are
sufficient for covering import of goods and services for three
years.
The foreign exchange reserves of CBA increased by 6.1 percent
compared to the beginning of the year reaching $15 billion.
“As in previous years, the external position of the country was at
an acceptable level. As a result, positive developments in the
foreign sector affect the dynamics of foreign exchange reserves,
which continued to rise over the last 9 months,” the report
said.
The activity of foreign investors remains high in the country, and
in January-September 2014 the total volume of foreign investments
made in the economy exceeded $4.5 billion, accounting for 29.6
percent of total investments.
The volume of foreign exchange reserves of the CBA will increase
to $15.5-$15.7 billion till the end of 2014.
Rapid growth of the currency reserves was the main factor for the
formation of a strong macroeconomic buffer and reduction of
sensitivity of the domestic economy towards external shocks.
The increase in reserves has led to continuation of investment
making of the country.