The strategic currency reserves of Azerbaijan by the end of this year could exceed $ 50 billion - said Wednesday at a meeting of the government the Central Bank Chairman Elman Rustamov.
According to him, the strategic reserves are up to 70% of GDP, which allows the country to be among the top fifteen countries in the world on this indicator. For the nine months of reserve management Azerbaijan received over half a billion dollars in revenue. Currency reserves of Azerbaijan are 9 times higher than the foreign debt, which in turn is only 8 per cent of GDP.
"Over the same period bank assets increased by 11%, loans - by 12%, savings - by 8%, the capital of the banking sector - by 18%. Volume of payments through the national payment system increased 16%, reaching 85 billion manat. The securities market expanded by 34%, including the stock market that increased by 3.3 times," said Rustamov.
Azerbaijan's strategic currency reserves consist of assets of the Central Bank, the Oil Fund's assets and deposits of the government. In the first nine months reserves grew by $ 5 billion to $ 45 billion. - 15B -
Economics
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