Central Bank of Azerbaijan to use new strategy in monetary reserves management from 2013
Azerbaijan, Baku, Dec. 27 / Trend, I.Khalilova /
Azerbaijan's strategic monetary reserves totalled $46.5 billion as of Dec.1, which is enough to cover imports of goods and services into the country within three years and nine times more than the foreign public debt, the Central Bank of Azerbaijan (CBA) said in its statement on the guidelines of monetary and financial stability policy for 2013, published on Thursday.
'In January-November, the country's strategic currency reserves increased by 14.7 per cent amounting to 70 per cent of the GDP and on this indicator Azerbaijan is among the top 15 countries of the world', the statement says.
Monetary reserves which are at the disposal of the Central Bank have increased by 14 per cent since the beginning of the year, approaching $12 billion.
The Central Bank has formed a new strategy for management of its monetary reserves in 2013.
'This envisages diversification of financial mechanisms in the reserves and in the geographical structure within the current global economic situation', the CBA statement says.