Azerbaijan's strategic forex reserves rise to $40 bln, exceed debt 7-fold
BAKU. July 6 (Interfax) - Azerbaijan's strategic foreign currency reserves are around $40 billion and are seven times the country's foreign debt, Economic Development Minister Shakhin Mustafayev said.
The reserves are also double the $20 billion that the country budgeted for in 2011.
The strategic reserves stood at $29.809 billion at the end of 2010.
The strategic reserves consist of the Central Bank's reserves, State Oil Fund assets and Finance Ministry treasury funds.
The Central Bank of Azerbaijan increased its foreign exchange reserves 8.4% in H1 2011 to $6.95 billion. They rose 24.1% to $6.408 billion in 2010 and could reach $8 billion by 2011, the bank forecasts.