Azerbaijan’s currency reserves near $41B

Azerbaijan’s currency reserves near $41B
  • Clock-gray 12:58
  • calendar-gray 12 July 2017

The head of state noted that the currency reserves have increased about $3 billion since early 2017: “This is good. Look, oil price declined sharply. Then it increased slightly. It will probably decline again. But our currency reserves are increasing. Why? Because of reasonable policy. We have never engaged in populism. We have always engaged in long-term development of our country. We saved and conducted reforms, allocated funds for only strategic projects. Of course, we reduced import, but increased export. There is not any problem regarding the budget. Therefore, transfers from SOFAZ to the state budget also decreased. That’s, increase of currency reserves by $3 billion in the six months of 2017 is a perfect result”.

 


 

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