By Nigar Abbasova
The strategic currency reserves of Azerbaijan exceeded the external debt of the country by 4.1 times in 2016.
The Central Bank of Azerbaijan (CBA) reported that the volume amounted to $37.6 billion. The figure is equal to the GDP index for 2016.
The currency reserves were preserved at the necessary level and are sufficient for covering import of goods and services within 28 month, according to the CBA.
The reserves are formed basing on reserves of the Central Bank (CBA), State Oil Fund (SOFAZ), and treasury means of the Finance Ministry.
The assets of SOFAZ as of October 1 stood at $35.82 billion, with some $33.95 billion accounting for the investment portfolio and 1.87 billion falling to a share of manat account. The Fund plans to increase its assets by $1 billion in 2017.
The recently developed strategic Road Map for the prospects of the national economy of Azerbaijan envisages that the Central Bank will implement a full switch to the regime of floating rate in 2017.
The official exchange rate of Azerbaijan’s national currency, the manat, against the US dollar was set at 1.7296 AZN/USD for February 16, according to the Central Bank of Azerbaijan (CBA).