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Azerbaijan’s strategic reserves grow by USD 11 bln to exceed USD 40 bln

October 24, 2011, 17:58 UTC+3
“In the future, we will use this money in the form of investments in various projects in other countries in order to diversify our financial resources,” Aliyev said
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BAKU, October 24 (Itar-Tass) —— Azerbaijan’s strategic reserves have exceeded 40 billion U.S. dollars, Azerbaijani President Ilkham Aliyev said.

“In the first nine months of the year alone, our foreign exchange reserves increased by 11 billion U.S. dollars to exceed 40 billion U.S. dollars. This is a very big indicator, and Azerbaijan does not lag behind developed countries in this respect,” the president said on Monday, October 24, at a government meeting on the results of the socio-economic development of the country in the first three quarters of the year.

Given the correct oil and gas policy and constant correlation between investments and revenues, Azerbaijan’s foreign exchange reserves will continue to grow in the years to come, Aliyev said.

“This gives us the economic strength, enables us to implement investment projects, and at the same time protects and will protect us from any difficulties and crises,” he said.

He stressed that the budget revenues “are kept, managed and used reliably and transparently for the implementation of projects currently needed by the country”.

“In the future, we will use this money in the form of investments in various projects in other countries in order to diversify our financial resources,” Aliyev said.

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