Azerbaijan’s currency reserves near $41B - President

Wed 12 July 2017 11:17 GMT | 15:17 Local Time

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"We saved and conducted reforms, allocated funds for only strategic projects."

“Azerbaijan’s currency reserves increased to $40.6 billion,” President Ilham Aliyev said at the meeting of the Cabinet of Ministers dedicated to the results of the first half of 2017 and future tasks.

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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