Azerbaijan doubly exceeds international sufficiency criteria
Azerbaijan, Baku, Dec.15 / Trend , corr. N.Ismayilova /According to the promulgated payment balance by the National Bank of Azerbaijan, the strategic foreign currency reserves of Azerbaijan after increasing by 2.4 times, as for Oct1, 2008 made up $17.896,8mln, a source from NBA said. Some $10,382,2mln fell on the share of SOFAZ, deposits of government - $1,555mln and aggregated international shares of NBA - $5,959,6mln.
In this case the foreign currency reserves, which are under the disposal of NBA, were $5,438,6mln, which makes it possible to finance import of goods and services for eight month, with exception of natural gas sector. This two times exceeds the criterion of international sufficiency, accepted in the world practice.
Under the payment balance, general revolution on payments and takings of incomes was $5.5mln, from which 94.4% ($5.2mln) - payment from the republic. Major share of payments ($4.6mln) was realized through the repatriation of incomes (by means of oil) by foreign investors of the Azerbaijani International Operating Company. Moreover, $129.8mln fell on payments of wage to nonresidents and percentages on the used credits, including natural gas sector, $213.3mln.
The sum incomes into Azerbaijan increased by 31.8% to $308.9mln in comparison with the analogous period of 2007. Some $80.6mln fell on percentages, overcharged in connection with control of means of SOFAZ, foreign currency reserves of NBA - $129.7mln and assets placed in foreign banks - $19.9mln.
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