Strategic currency reserves of Azerbaijan amounted to 37.3 billion dollars

Strategic currency reserves of Azerbaijan amounted to 37.3 billion dollars© RIA Novosti. Murad to Urogenitary the image Bank

Strategic currency reserves of Azerbaijan amount to 37.3 billion dollars, according to the Central Bank of Azerbaijan (CBA), who on Saturday unveiled the main directions of monetary policy in 2017.

«The strategic monetary reserves of Azerbaijan amount to 37.3 billion dollars, enough to cover the 28 months of imports of goods and services,» notes the CBA.

As specified in the report, the strategic currency reserves exceeds external public debt four times. «Fiscal consolidation and exchange rate changes resulted in greatly save foreign exchange reserves», — said the regulator.

Azerbaijan Central Bank from 16 February 2015 declined from the peg of the manat to the dollar and switched to a targeting course on the basis of the currency basket consisting of dollar and Euro. From now through December 19, the national currency depreciated by 25%. Once the approved controller 21 Dec 2015 a decision about the transition to a floating exchange rate quotes fell a further 33% (to 1.55 manats per dollar). In total, the dollar rose against the Azerbaijani currency almost twice.

Previously published in the «Strategic road map for the national economy of Azerbaijan», it was stated that the CBA in 2017 will ensure a full transition to a regime of floating exchange rate of the manat.

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