Azerbaijan in top 20 countries for correlation between strategic currency reserves and GDP

Azerbaijan in top 20 countries for correlation between strategic currency reserves and GDP

Baku, Azerbaijan, Feb. 21

By Ilaha Khalilova - Trend:

The correlation between Azerbaijan's strategic currency reserves and the country's GDP has not changed as of late 2013 and is approaching 70 percent, according to a report on Azerbaijani Central Bank's (CBA) monetary policy for 2013.

The indicator reached this level by late 2012. In 2011 the correlation between strategic currency reserves and GDP was 64 percent, in 2010 - 58 percent, in 2009 - 47 percent, in 2008 - 37 percent.

"For this indicator Azerbaijan is among the top 20 countries in the world. The high growth rate of currency reserves has become the main factor for formation of a strong macroeconomic buffer and reduces the economy's sensitivity to external crises," CBA report said.

Last year's strategic currency reserves rose by nine percent, or $4.1 billion, exceeding $50 billion, which is enough to cover imports of goods and services for about three years, according to the report.

"At the same time, the country's strategic currency reserves exceed the size of the external public debt by about nine times," according to the report.

CBA currency reserves increased by 21 percent, compared with the beginning of the year, and reached $14.1 billion, enough to finance the import of goods and services for nine months.

"As in the previous years, the country's foreign position was at an acceptable level in 2013," CBA said.

The foreign trade turnover of Azerbaijan stood at $34.7 billion, some $24 billion of which accounted for exports and 10.7 billion for imports, according to statistics from Azerbaijani State Customs Committee for last year.

The foreign trade surplus for the year totalled $13.3 billion, and exports exceeded imports by 2.2 times.

Some 48 percent of exports accounted for the EU, 6.3 percent - the CIS, and the rest accounted for other countries. European countries provided 35.1 percent and the CIS countries 23.8 percent of imports.

The non-oil exports in January-November, 2013 amounted to $1.6 billion, exceeding the figure for the same period the year before by 7.4 percent, according to the State Statistics Committee.

The highest figure of exports last year was provided in February (13 percent more than the average monthly exports), while the highest figure in imports accounted for May (36 percent more than the average monthly import).

The lowest export level was provided in June (20 percent less than the average monthly exports), while imports - in January (30 percent less than the monthly average of imports).

"The exports of liquefied gas, cotton fiber, vegetables, polyethylene, sugar and other commodities are rising with high rates. At the same time, imports of beef, potatoes, cement, steel, metals, wheat, tea and other products increased," according to the report.

Overall the decline in imports of several food products indicates domestic production's expansion. Thus the level of self-sufficiency for most agricultural products (cucurbitaceous plants, vegetables, fruits and berries) and some food products reached 100 percent this year

The change in export prices last year was influenced by changes in world prices for energy products, according to the report. The prices for imported consumer and investment goods remained stable, and intermediate products rose slightly.

State Statistics Committee said that the volume of foreign investments in the country's economy last year, stood at $5.3 billion, increasing by more than 28 percent.

The official exchange rate for February 21 is 0.7845 AZN/USD.

Translated by E.A.

Edited by C.N.

Subscribe to Trend in Google News! Subscribe
Oil falls after increases in U.S. crude, fuel stockpiles
Oil falls after increases in U.S. crude, fuel stockpiles
Cause of problem at Iran’s petrol stations is cyberattack - SNSC
Cause of problem at Iran’s petrol stations is cyberattack - SNSC
Iran facing problems at filling stations
Iran facing problems at filling stations
Loading Bars
Latest
Azerbaijani, foreign businessmen look to take role in restoration of industry in Karabakh
Azerbaijan to increase judicial, law enforcement spending in 2022
Iran sees decrease in exports to Afghanistan
“Sustaining Peace in the Region: Rebuilding Karabakh” conference held in Baku State University (PHOTO)
Turkey ready to invest in restoration of Azerbaijan's Karabakh
Georgia releases data on COVID-19 cases for October 27
Iran's exports via Isfahan Province soar
Azerbaijan plans to increase subsidies for Nakhchivan in 2022
World Ethnosport Confederation talks rapid restoration of Azerbaijan's Karabakh
Azerbaijan to raise expenditures on education in 2022
SOFAZ to increase transfers to Azerbaijani state budget in 2022
Iranian currency rates for October 27
Azerbaijan talks funds planned for reconstruction of liberated territories in 2022
Azerbaijan unveils planned expenditures on defense and security in 2022
Indo-Pacific regional dialogue starts today with focus on maritime strategy
Roll-out of Russian Rostselmash combine assembly plant in Azerbaijan postponed due to COVID-19
Restoration work in Azerbaijan's liberated lands will only accelerate - economy minister
Azerbaijan state budget revenues forecast for 2022 unveiled
Turkey shares cargo traffic data for its Gemlik port in 9M2021
Turkmenistan launches production of import-substituting pasteurized products
Turkey discloses volume of cargo shipment via its Botas port for 9M2021
Russia cuts import of Turkish-made cement
Azerbaijan establishes commission for preparation of civil defense plan
Roscosmos plans to orbit its robotic spacewalker in 2024
Azerbaijani, Turkish MoDs meet in liberated Zangilan
Oil falls after increases in U.S. crude, fuel stockpiles
Turkey discloses data on cargo handling from Germany via local port for 9M2021
Cause of problem at Iran’s petrol stations is cyberattack - SNSC
Azerbaijan, AIIB talk co-op in ‘smart’ and ‘green’ concepts
Fuzuli airport can attract investments needed to restore prosperity in Karabakh - Bryza
UK's Sunak tries to move on from COVID with new spending plans
U.S. considering adding Israel, Romania, Bulgaria to visa waiver program
Bahrain approves Sinopharm vaccine for children aged 3 to 11
Hamburg welcomes 1st China-Europe freight train from Shanghai amid logistics tension
Iran, Pakistan call for closer ties, vow to help Afghanistan
EU energy ministers discuss power price surge
U.S. FDA advisers back Pfizer/BioNTech COVID-19 vaccine for children
Pension Fund announces average pension rate in Uzbekistan
I am absolutely sure that Turkey and Azerbaijan, as two brotherly countries, will continue to move forward together - President Aliyev
German President presents Angela Merkel with resignation papers
Kazakh ambassador hails Iran’s role in SCO
Chronicles of Victory: October 27, 2020
Fuzuli International Airport to unbreakably connect Karabakh with Azerbaijan - Turkish official
Georgian PM, Estonian Defense Minister discuss military cooperation
Turkey will continue with all its capabilities to support fraternal Azerbaijan - Erdogan
Turkish President Recep Tayyip Erdogan completes official visit to Azerbaijan
Not every politician can achieve rapid development in short time in territories liberated from occupation - Erdogan
In two weeks, we will celebrate liberation of Shusha as great Victory Day - President Aliyev
Biden heads to G20 to talk energy prices, supply chain woes
President Aliyev names visit of President Erdogan to Azerbaijan example of true brotherhood
Day will come when we will be able to travel from Zangazur to Istanbul - Erdogan
You are going to Armenian border, aren't you? You will go further - Turkish president
If Armenia shows goodwill towards Azerbaijan, there will be no obstacles to normalization of relations between Turkey and Armenia - President Erdogan
Turkey and Azerbaijan as two fraternal countries always next to each other – President Aliyev
Joint steps of Azerbaijan and Turkey will forever remain in history - President Aliyev
Shusha Declaration declaration officially raised Azerbaijani-Turkish relations to level of alliance - President Aliyev
Presidents of Azerbaijan and Turkey make press statements (PHOTO/VIDEO)
Georgian GDP continues its robust recovery – Renaissance Capital
President Erdogan presents President Aliyev with 'Kharibulbul' image watch (PHOTO/VIDEO)
Presidents of Azerbaijan and Turkey hold one-on-one meeting in Zangilan (PHOTO/VIDEO)
Russia to supply Turkmenistan’s Turkmengaz with pipes
Iran facing problems at filling stations
Azerbaijan increases propylene production in 9M2021
Azerbaijani, Turkish presidents view works done under “smart village” project in Zangilan (PHOTO/VIDEO)
Uzbekistan reveals data of foreign investment in mining industry
Uzbekistan, Singapore to co-op for humanitarian programs and projects
GM to boost EV profile with 40,000 charging stations in U.S., Canada
First Vice-President Mehriban Aliyeva posts photos from Aghali village, Zangilan district on her Instagram page (PHOTO)
Russia, UAE ink inter-governmental space exploration deal
Georgia plans to renovate its Airports Association
U.S. home price growth slowed in August- S&P Case-Shiller
Kazakhstan counts on international experience on operating nuclear power plants
Bahar Azadi gold coin price dips in Iran
Engineering work in Azerbaijan's liberated lands continues - MoD (PHOTO/VIDEO)
Uzbekistan's GDP grows in 9M2021
Kazakhstan sees decrease in production of iron ores
Kazakhstan’s Energy Ministry comments on Marine Access Channels project
Iran keen to increase Methanethiol production
Webinar on Engineering products organised by the Embassy of India (PHOTO)
Iran plans to develop Chaharmahal Bakhtiari Province
Azerbaijan becomes largest diesel supplier to Georgia
Bahrain approves Sinopharm vaccine for children aged 3-11
Official welcome ceremony held for Turkish President Recep Tayyip Erdogan in Aghali village, Zangilan district (PHOTO/VIDEO)
Israeli co Emtan to provide Spanish police with 9,120 pistols
Iran boosts its TEU container transit via Shahid Rajaee port
Iran issues loans to several enterprises
Azerbaijan talks provision of Internet to inaccessible areas
Turkmen Khazar Consortium opens tender for chemicals
Opening of Fuzuli Int’l Airport to speed up investment, social dev’t of Azerbaijan’s Karabakh - Israeli expert
President Ilham Aliyev and President Recep Tayyip Erdogan lay foundation for “Dost Agropark” in Zangilan (PHOTO/VIDEO)
Kazakhstan increases cargo transportations volumes via maritime
Turkmen company to purchase chemical products via tender
Azerbaijani products on display at int'l exhibition in China (PHOTO)
Turkey unveils number of ships docking at Iskenderun port
India, UK take part in joint exercise Konkan Shakti 2021
Fitch Ratings unveils long-term IDR of Astana Gas KMG
TDB and ICD sign MoU to support private sector investment in common African member states
Georgia shares its TOP-5 fuel exporters
Kazakhstan provides transit corridor for Afghan women
Iran’s West Oil & Gas Production Company prevents declining gas production
All news