22 Feb 2012 11:13

Azerbaijan's strategic forex reserves up 36% in 2011

BAKU. Feb 22 (Interfax) - Azerbaijan's strategic forex reserves came to $40.559 billion as of January 1, 2012, up 36% from the start of 2011, the Central Bank of Azerbaijan (CBA) said in a report on monetary policy in 2011. The report was posted on the bank's website.

The country's strategic forex reserves currently allow for the country to substitute three-year imports of goods and services.

As of the start of 2012, the company's strategic forex reserves came to around 65% of GDP.

It was earlier reported that Azerbaijan's strategic forex reserves came to $29.809 billion at the start of 2011. The strategic forex reserves are formed from the CBA's reserves, State Oil Fund assets, and the Finance Ministry's treasury funds.