Azerbaijan increases strategic forex reserves 14% in 2012
BAKU. Feb 15 (Interfax) - The strategic foreign exchange reserves of Azerbaijan stood at $46.099 billion as of January 1, 2013, the country's Central Bank said in a report on monetary policy in 2012 published on its website.
It was reported earlier that the country's strategic forex reserves totalled $40.559 billion at the end of 2011, so they grew by 13.7% in 2012.
"Azerbaijan's strategic forex reserves are now equivalent to three years of imports of goods and services into the country. The forex reserves exceed the size of Azerbaijan's foreign debt by eight times," the report states.
The reserves amounted to about 70% of Azerbaijan GDP in 2012. "In general, increasing the strategic forex reserves at such a rapid rate is a factor in the formation of a strong macroeconomic buffer," the report said.
Azerbaijan's strategic foreign currency reserves are formed from Central Bank of Azerbaijan reserves, State Oil Fund assets and Finance Ministry coffers.
