Azerbaijan, Baku, Nov. 3 / Trend A. Akhundov /
The ratio of Azerbaijan's strategic currency reserves to GDP is close to 70 percent, the Azerbaijani Central Bank's report on monetary policy in January-September 2012 said today.
The strategic currency reserves of the country increased by 11 percent in January-September compared to early 2012 and exceeded $ 45 billion. This is enough to cover imports of goods and services for three years.
"The high growth rates of strategic currency reserves are a factor reducing the sensitivity of the country's economy to external crisis influences and forming a strong macroeconomic buffer," the report says.
Foreign exchange reserves held by the Azerbaijani Central Bank increased by 10 percent and reached $ 11.5 billion during the period. This is enough to finance imports of goods and services during a year.
"Despite the downward trend in the world market oil prices, there was a positive dynamics in the country's external position due to the high oil price in the first nine months of 2012," the report said. "Achieving the average price on Azerbaijani oil worth $ 114 had a positive impact on the country's foreign exchange earnings."
According to the State Customs Committee, the country's trade turnover amounted to $ 24.6 billion in January-September, of which $17.8 billion fell to export, $6.8 billion - imports. The surplus of the foreign trade balance in January-September amounted to $ 11 billion.
The exports of natural gas, tea, fruits, vegetables, imports of polyethylene, durable goods, fertilizers, automobiles rapidly increase. Around 40 percent of imports fell to machinery and vehicles. Their volume in the period fell by 13 percent. The decrease in imports of a number of food products can be considered as an extension of domestic production, the report said.
According to the report, besides the export, the dynamics of money transfer and capital flows from abroad enhanced the foreign exchange earnings.
According to the preliminary data, the volume of money transfer exceeded $1 billion.
According to the State Statistics Committee, the volume of foreign investments in the country's economy increased by 12 percent in January-September and exceeded $2 billion.