Azerbaijan, Baku, September 10 / Trend, A.Akhundov/
The Central Bank of Azerbaijan (CBA) is to increase the proportion of their foreign exchange reserves, transferred under the control of the external managers, CBA Deputy Chairman Avtandil Babayev told Trend on Tuesday.
"Today, there are foreign exchange reserves of $ 13 billion at the disposal of the CBA. We expect that by late 2013 they will reach $15 billion. Such an expectation was formed at early 2013, and today's results show that it's real. Today, external managers manage funds of $ 400 million, and another $300 million are transferred to the management at the moment. Our goal is to bring the volume up to $1 billion," Babayev said.
According to him, the global markets have been on a positive trend, conditions for the growth of the attractiveness of the traditional tools of reserve management begin to form.
"One of the changes in our reserve management strategy involves increasing their investment part. This allows using more active instruments. One of them is the expansion of the Institute of external control, the other is geographic diversification. Geographical expansion involves the acquisition of the securities in the Asian markets. Such tools as the acquisition of shares in companies, real estate or gold are risky for us yet," Babayev said.