Azerbaijan, Baku, 6 August / corr. Trend I.Khalilova / Over the past five years Azerbaijan's strategic monetary reserves rose 8.8 times, comprising $14bln on 1 August 2008, Samir Sharifov, the Finance Minister, said at a meeting of the Cabinet of Ministers, which was dedicated to results of the socio-economic development in the first half-year of 2008, held on 5 August under President Ilham Aliyev's chairmanship. The growth amounted to $1.5bln.
The monetary reserves rose by 80.5% ($5.8bln), to $13bln in the first half-year as compared to the beginning of 2008. It is expected that their volume will reach $20bln by the end of 2008. Double growth of reserves will take place, basically, at the expense of the Azerbaijani State Oil Fund's earnings, which depends on the amount of Azerbaijan's part from profit oil in the Azeri-Chirag-Guneshli field.
"The expansion of financing opportunities of the country positively influence on realization of investment policy and investment, which are directed at basic capital from all sources, rose by 31.6% within half-year," the Minister said.
According to the minister, within five years, assets of banks and insurance companies rose 9 times (from AZN 944mln in 2003 to AZN 8.5bln), people's deposits in banks - 8.3 times (from AZN 193mln to AZN 1.603bln)
The exchange rate for US dollar was AZN 0.8093 on 6 August.
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