Strategic currency reserves of Azerbaijan to make up 118% of GDP this year

Strategic currency reserves of Azerbaijan to make up 118% of GDP this year
  • Clock-gray 15:40
  • calendar-gray 23 December 2020

Strategic currency reserves of Azerbaijan are expected to make up 117.9% of GDP, according to results of 2020, APA-Economics reports citing comment of Chamber of Accounts on the draft law “On the State Budget of the Republic of Azerbaijan for 2021”.

Note that according to the forecast of the Ministry of Economy, GDP production is expected to be AZN 71.8 in the country this year.

It has been noted in the document that the amount of currency reserves is enough for payment of import of 41 months. Requirement against this indicator should be able to replace import of at least 3 months.

Earlier, it has been mentioned in the information, released by the Central Bank that Azerbaijan’s strategic currency reserves have surpassed USD 50 bln. in the condition of foreign trade balance with surplus and currency reserves continue to exceed annual GDP.

Remind that according to the results of 2019, Azerbaijan’s strategic currency reserves were USD 581,3 mln. or 103.2% of GDP.

Mirsaid İbrahimzade

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