Azerbaijan's strategic currency reserves exceed foreign debt more than 8-fold

Tue 18 October 2011 12:40 GMT | 17:40 Local Time

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Shahin Mustafayev

The revenues of the state budget of Azerbaijan increased threefold in 1995-2003 thanks to expedient measures.

The revenues displayed an increase of 9.3 times in 2010 compared to 2003. 

The statement came from Economic Development Minister of Azerbaijan Shahin Mustafayev in his article “The national model of socio-economic development” published in Azerbaijan newspaper.

The budget deficit reduced 0.9% in relation to GDP of 2010, he said.

"At the same time, sustainability of financial sector of Azerbaijan, the most sensitive to external effects, rational management of strategic foreign exchange reserves and stability of national currency were ensured.

“The level of confidence in banking sector increased and a conservative debt strategy was introduced," Mustafayev noted.

Strategic currency reserves worth $1.6 billion were formed in the country back in 2003 while there were strategic currency reserves in the first years of independence, the minister added.

"This index has increased 85-fold in 1995-2003. At present, Azerbaijan's strategic currency reserves top $40 billion, which exceeds the external government debt by more than 8 times. In the meantime, the external debt is 7.4% of GDP, which fully meets international standards," the minister says in his article.

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