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Azerbaijan’s currency reserves expected to grow by year end

Business Materials 9 April 2018 16:24 (UTC +04:00)
The Central Bank of Azerbaijan (CBA) expects significant growth in currency reserves by the end of 2018, Elman Rustamov, chairman of the Central Bank of Azerbaijan, said at a press conference in Baku April 9.
Azerbaijan’s currency reserves expected to grow by year end

Baku, Azerbaijan, April 9

By Anvar Mammadov – Trend:

The Central Bank of Azerbaijan (CBA) expects significant growth in currency reserves by the end of 2018, Elman Rustamov, chairman of the Central Bank of Azerbaijan, said at a press conference in Baku April 9.

“The growth in reserves this year will depend on oil prices and their volatility,” he said.

"In January-March 2018, Azerbaijan’s currency reserves increased by $2.2 billion and amounted to $44.2 billion,” Rustamov said. “The bonus payments worth $450 million from shareholders of the Azeri-Chirag-Gunashli block of fields positively affected the growth in foreign exchange reserves."

“While maintaining current conditions and taking into account the growth for the first quarter of 2018, it is possible to expect that by the end of the year the country's currency reserves will increase by $8 billion,” he said.

"Thus, we expect a great increase in foreign exchange reserves at the end of the year,” Rustamov said. “Moreover, we spend money sparingly and greatly reduce transfers from SOFAZ to the state budget. There is also a decrease in import operations."

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