Azerbaijan National Bank Fixes Rise in Country Strategic Currency Reserves

Business Materials 28 December 2006 16:30 (UTC +04:00)

The National Bank of Azerbaijan published its major directions for 2007 monetary policy on 28 December 2006, fixes 1.7-fold rise in its strategic currency reserves over the first 11 months of 2006, Trend reports. They reached $4bln, which ensured the biggest surplus of the current accountancy in the country payment balance.

Over 9 months of 2006 the surplus of the current balance made up $2bln. Oil export played considerable role in the formation of a balance in black and as a result of two-fold increase oil and gas export the trade balance was $5.4bln in black. The rapid rise in export is explained with the commencement of direct investments raised by AIOC in the oil sector.

The implementation of these obligations is expected to complete in one or two years.

Country position as creditor got stronger. The liabilities rose by $0.7bln in assets on all capital inflow by $2.5bln since the beginning of the year.