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Azerbaijan discloses strategic foreign exchange reserves

Finance Materials 10 November 2021 20:43 (UTC +04:00)
Azerbaijan discloses strategic foreign exchange reserves

BAKU, Azerbaijan, Nov. 10

By Leman Zeynalova - Trend:

Azerbaijan's strategic foreign exchange reserves exceed 100 percent of annual GDP, Trend reports with reference to the Central Bank of Azerbaijan's monetary policy report.

“The country's strategic foreign exchange reserves still exceed the internationally recognized standards for assessing sufficiency from January through September 2021,” the CBA said.

According to the report, the country's strategic foreign exchange reserves were sufficient for 41 months of import of goods and services by the end of nine months of 2021.

“The strategic reserves exceeded the money supply (M2) in Azerbaijani manat by four times (taking into account the M2 money supply as of October 1, 2021),” the CBA said.

The inflow of investments in fixed assets from foreign enterprises and organizations was still observed in the country during the reporting period.

According to the State Statistics Committee, the volume of investments in fixed assets from foreign sources for nine months of 2021 amounted to 3.3 billion manat ($1.9 billion), which is 34.1 percent of the total volume of investments in fixed assets.

Most of the funds allocated to fixed assets by foreign countries and international organizations accounted for the share of investors from the UK, Turkey, Switzerland, US, Japan, Malaysia, France, Norway, India and Iran.

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