Azerbaijan’s strategic currency reserves cover 35 months of imports
Azerbaijan, Baku, Aug.11 / Trend, I. Khalilova /
Azerbaijan's strategic currency reserves in the first half of 2010 hit $23.8 billion, the Central Bank of Azerbaijan (CBA) stated in a new report on monetary policy. The figure covers 35 months of goods imports and services.
Foreign exchange reserves increased by six percent as of July 1 to over $5.4 billion, which covers eight months of goods imports and services.
Strategic foreign exchange reserves are formed from CBA foreign exchange reserves, SOFAZ assets and government deposits.
Today 60 percent of the CBA's foreign exchange reserves are in dollars. The remaining 40 percent are in euro and pounds sterling.
The State Oil Fund of the Azerbaijan Republic's currency portfolio is balanced in the following ratio - 50 percent in dollars, about 40 percent in euro, and five percent in pounds sterling.