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Azerbaijan Exceeds Criteria of International Capital Sufficiency Double

Business Materials 2 April 2008 14:04 (UTC +04:00)

Azerbaijan, Baku, 2 April / Trend corr. I.Khalilova / According to the announced payment balance by National Bank of Azerbaijan (NBA), as for 1 January 2008, the strategic foreign currency reserves in Azerbaijan has grown by 68.9% and totaled $7,379,2mln, NBA reported. About $2,475,3mln is from State Oil Fund of Azerbaijan (SOFAZ), $630,9mln - State deposits and $4,273mln from NBA joint international assets.

The currency reserves, under the NBA command, comprised $4,015,3mln, and are enable to finance 7 or 8 months commodity and service import excluding oil and gas sector, which exceed the criteria of international capital sufficiency double.

Under the payment balance, the total turnover on payments and remittances incomes made up $5.7bln. The main part of the payments ($4.8bln.) was implemented through repatriation of incomes (through oil) by the foreign investors of Azerbaijan International Operating Company (AIOC), payment of salaries to the non-residents ($131,1mln.) and percentages on used credits including the oil and gas sector ($280mln).

As for 1 Jan 2008, the income of the country increased by 18.2% and has reached $331mln. About $84.4mln is from SOFAZ, $150.9 - NBA currency reserve and $17.6mln from the assets placed abroad.

The correspondent can be contacted at: [email protected]

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