Baku, Azerbaijan, Nov. 7
By Emin Aliyev - Trend: The ratio of Azerbaijan's strategic currency reserves to the country's GDP did not change in the third quarter and is nearing 70 per cent, Azerbaijani Central Bank's (CBA) monetary policy report for the first nine months of 2013 said on November 7.
According to the report, in January -September, the strategic currency reserves of the country increased by seven per cent, or $3.3 billion, compared with early 2013, amounting to $49.4 billion, enough to cover imports of goods and services for about three years.
"The high growth rates of strategic currency reserves are a factor that reduces the sensitivity of the economy to external crises and forms strong macroeconomic buffer. Currently, the volume of strategic currency reserves of the country exceeds the size of the external state debt for about nine times," the report said.
Foreign exchange reserves held by the Central Bank of Azerbaijan, increased during the reporting period by 13 per cent to $ 13.3 billion, which is enough to finance imports of goods and services during the nine months.
"During the reporting period, the growth of the country's strategic currency reserves continued and significantly exceeded international norms of sufficiency," the report said.
According to the State Customs Committee, from January-September, the turnover of the country amounted to $26.1 billion, some $18 billion of which accounted for export, and $8 billion for imports. The surplus of the trade balance in the first three quarters totaled $ 10 billion.