Ilham Aliyev: Azerbaijan’s foreign exchange reserves up $1B in Q1
Baku, Azerbaijan, Apr. 10
The first quarter of 2017 saw Azerbaijan’s foreign exchange reserves grow by $1 billion, said Azerbaijan’s President Ilham Aliyev.
He made the remarks at a meeting of the Cabinet of Ministers dedicated to the first quarter of 2017 and future tasks.
“Our exchange reserves today make $38.5 billion. This is a huge figure,” said President Aliyev.
“Last year we managed to keep our foreign exchange reserves. Despite a sharp decline in oil prices, this year we managed not only to keep the reserves, but in the first three months we even earned an additional $1 billion,” Ilham Aliyev noted, expressing hope that the foreign exchange reserves will continue to grow.
“Almost the majority of oil-rich countries lost their foreign exchange reserves last and this year. But we are increasing our reserves,” added the president.