Baku, Azerbaijan, May 14
By Anvar Mammadov - Trend:
The strategic currency reserves of Azerbaijan in the first quarter of 2015 exceeded the country's external debt fivefold, according to the Azerbaijani Central Bank's monetary policy report.
"In the reporting period, the strategic currency reserves of Azerbaijan were maintained at the required level and are sufficient to cover the 25-month import of goods and services," the report said.
The strategic currency reserves of Azerbaijan exceed $38 billion and assets of the State Oil Fund of Azerbaijan (SOFAZ) amounted to $34.25 billion as of April 1, which is a 2-percent increase as compared to the early 2016 ($33.57 billion).
Official exchange rate as of May 14 is 1.5093 AZN/USD.
Currency reserves owned by the Central Bank of Azerbaijan stood at $4065.8 million as of April 1 (having decreased by 18.95 percent during the same quarter).
During the reporting period, remittances to Azerbaijan amounted to $174 million, whereas in the first quarter of 2015 the figure was $234 million.
"In the first quarter of 2016, foreign investments directed to Azerbaijan's main capital, amounted to two billion manats (68.7 percent of the total investments to the main capital), according to the State Statistics Committee of Azerbaijan," said the report.
The greatest part of investments to Azerbaijan's main capital accounted for investors from the UK, Turkey, Russia, Iran, the US, Japan, Malaysia and Sweden.