Azerbaijani Central Bank sees no risks in euro drop

Business Materials 23 May 2013 13:21 (UTC +04:00)

Azerbaijan, Baku, May 23 / Trend A. Akhundov /

The Azerbaijani Central Bank (CBA) sees no risks for the country's strategic currency reserves as a result of the euro drop, CBA chairman Elman Rustamov told media today.

"This process has continued since the beginning of the international financial crisis," he said.

"The CBA and the Azerbaijani State Oil Fund effectively diversified their foreign exchange reserves. This is the market situation. The euro drop has no effect on the absolute value. There is no loss. The main objective is to maintain the reserves. This requires optimal diversification in their governance. We did this. So, there is no anxiety."

The ratio of Azerbaijani strategic currency reserves to the country's GDP is close to 70 per cent, the report on the CBA monetary policy as of the first quarter of 2013 said.

According to the report, the country's strategic currency reserves increased by 2.3 per cent in January-March or $1.1 billion compared to early 2013. The figure reached $47.1 billion. This is enough to cover imports of goods and services during the three years.