IMF: Azerbaijan's strategic currency reserves are sufficient to overcome global financial crisis impacts
Azerbaijan, Baku, Nov. 1 / Trend N.Ismayilova/
Azerbaijan's strategic currency reserves, which are in the possession of the Central Bank and the State Oil Fund of the country, are sufficient to overcome the global financial crisis consequences if they occur, the head of IMF mission in the country, deputy director of the Middle East and Central Asia Department Nadeem Ilahi said at a press conference in Baku today.
From October 20 to November 2 in Baku is an IMF mission to meet with the Azerbaijani government consultations under Article IV of the Articles of Agreement "On creation of the IMF." Consultations are held annually on a regular basis.
"Oil revenues should be managed conservatively. The main thing is not to increase the risks and the Azerbaijani government is well aware of this," he said.
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 currency reserves owned by the Central Bank of Azerbaijan in the first nine months of the year reached $6.943.3 billion and assets of SOFAZ - $32.242.5 billion.
Azerbaijan's strategic currency reserves can reach 75 percent of GDP by late 2011.
Today, volume of Azerbaijan's currency reserves hits 65.7 percent of GDP.
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.