Azerbaijan, Baku, Oct.11 / Trend N. Ismayilova /
Azerbaijan's strategic currency reserves can reach 75 percent of GDP by late 2011, a draft of Azerbaijan's state and consolidated budget for 2012 and three subsequent years, posted on the Finance Ministry's official website on Tuesday says.
"Today, volume of Azerbaijan's currency reserves hits 65.7 percent of GDP," the report says.
For the ratio of strategic currency reserves to GDP Azerbaijan ranks one of the leading positions in the world. For example, this figure in Brazil hits 15.1 percent, Russia - 32.8 percent, India - 22.6 percent, China - 47.6 percent, Kazakhstan - 39.4 percent, Qatar - 31.5 percent, Kuwait - 15.1 percent and Indonesia - 21.8 percent.
During the first eight months of 2011, Azerbaijan's strategic currency reserves exceeded $40.5 billion, which covers a four-year import of goods and services into the country.
The country's strategic currency reserves are formed from the assets of the State Oil Fund of Azerbaijan, Central Bank's currency reserves and government deposits.
The Central Bank's official currency reserves increased up to $535.7 million (8.4 percent) since early 2011 and reached $6.943.3 billion in the first nine months.