Strategic Monetary Reserves of Azerbaijan Twice Exceed Foreign Debt, Says Head of National Bank
Azerbaijan, Baku, 11 November / Trend corr. A.Badalova / "At present strategic monetary reserves of Azerbaijan amounts to $18.2mln, which twice exceeds gross foreign debt of the country," Elman Rustamov, the chairman of Board of the National Bank of Azerbaijan, said at a plenary meeting of the Azerbaijani Parliament on discussions of the public budget draft for 2009 on 11 November.
According to Rustamov, at present Azerbaijan possesses great liquid assets abroad, which enables to maneuver in solution of budget problems and monetary issues.
The current level of reserves provides continuous covering of demands of the country in import within 28 months. This figure is formed in three-month measuring at the world experience, which indicates that Azerbaijan has raised the level about in ten times.
"Different between means abroad and foreign investments in Azerbaijan makes up $14bln, which is the only event in the world practice," Rustamov said.
"Approach of strategic monetary reserves of the country to $20bln level is not an economic factor, whilst characterizes strengthening international image of Azerbaijan, the NBA head said. Thus, at present leading countries of the world have faced with deficit of free financial resources because the world financial crisis."
According to the head of the NBA, potential of the country will rise in this direction with growth of reserves.
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