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Azerbaijan’s forex reserves enough to cover three-year import

26 November 2014 13:30 (UTC+04:00)
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.

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