Azerbaijan's strategic reserves reach $26.5bn

Mon 11 October 2010 11:31 GMT | 16:31 Local Time

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Samir Sharifov

Azerbaijan's strategic currency reserves have reached $26.5bn, Finance Minister Samir Sharifov said today.

He was addressing a joint meeting of four committees of the Azerbaijani parliament, the Milli Majlis, to discuss the 2011 draft state budget.

"The country's strategic currency reserves have increased by 29.9% or $6.1bn since early 2010," Samir Sharifov said.

The strategic currency reserves consist of the currency reserves controlled by the Central Bank, the assets of the State Oil Fund and state deposits.

The Central Bank's currency reserves were reported at $6.057bn towards the end of the third quarter, an increase of $895.9m or 19% since the beginning of the year.

In 2008, the Central Bank revised the reserves' portfolio and today 60% of its monetary reserves are kept in dollars and the remaining 40% in euros and pounds.

Samir Sharifov told the meeting that he expected revenue to meet the 2010 budget targets in full, while expenditure would be 97% of what had been budgeted.

He said that in the first nine months of the year, state budget revenue was AZN 7.504bn, 93.6% of the revenue specified in the budget. Expenditure during that period was AZN 6.837bn or 84% of budget specification. State budget revenues have increased 3.7% compared to the same period in 2009 and expenditure 5.9%, the minister said.

The four committees holding the joint meeting were the economic policy committee, social policy committee, agriculture committee and the committee for natural resources, energy and ecology.


See Also

$40bn paid into Oil Fund

Azerbaijan's strategic reserves reach $26bn

Central Bank reserves continue to rise



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