Azerbaijan's strategic currency reserves exceed external public debt eightfold
Baku, Azerbaijan, Feb. 26
By Azad Hasanli - Trend:
Azerbaijan's strategic currency reserves increased by 2.4 percent or $ 1.2 billion, reaching $51.4 billion in 2014, a monetary policy report of the Central Bank of Azerbaijan (CBA) for 2014 published Feb 26 says.
The country's foreign exchange reserves during the fourth quarter decreased by $ 2.3 billion.
Azerbaijan's strategic currency reserves are enough to cover a three-year import of goods and services, as well as exceeds the external public debt eightfold, the report says.
As of the end of the year, the ratio of strategic reserves to GDP reached almost 70 percent. The Central Bank's manat reserves hit 62 percent of the broad money supply (M2).
The foreign exchange reserves held by the Central Bank of Azerbaijan decreased by 2.78 percent and reached $13.76 billion compared to the beginning of the year.
"As in the previous years, the country's external position is at an acceptable level," the report says. "As a result, the positive processes in the foreign sector affect the dynamics of foreign exchange reserves, which continued increasing this year."
The foreign investors' activity remains high in the country. The total volume of foreign investments in the economy exceeded $ 6.2 billion in 2014 or 27.7 percent of total investments.
According to the State Customs Committee's report, the country's foreign trade turnover amounted to $31 billion, of which $21.8 billion accounted for exports, $ 9.2 billion - imports. The foreign trade surplus amounted to $12.6 billion, while exports exceeded imports by more than 2.4 times.
More than a half (53 percent) of exports accounted for the EU countries, 3.8 percent - the CIS, and the rest part is sent to other countries. The European countries ensured 33.8 percent of a total volume, the CIS countries - 22.7 percent in the structure of imports.
During the reporting period, the highest growth rates were fixed in exports of Azerbaijan's fruits and vegetables, beverages, oil products, chemical and industrial goods, plastic and plastic goods, etc. Azerbaijan increased the import of meat, vegetable oils, butter, sugar, tobacco, furniture, etc. A decrease in the import of certain goods is explained by the domestic production, the report says.
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Edited by CN