President Ilham Aliyev: Azerbaijan’s currency reserves grew by $4 bn for first 6 months


August 2, Fineko/abc.az. At Cabinet Ministers’ meeting devoted to the socio-economic questions, held on 31 July, President Ilham Aliyev stated that Azerbaijan’s State Budget revenues are growing, and the same relates to country’s foreign exchange reserves, which now have reached a record level of $49 billion.

The head of state said that for the 1st half of the year country’s foreign exchange reserves grew by $4 billion.

“We use these finances very sparingly. That’s why, even in the years of crisis, in the years of low oil price, we have preserved and increased our foreign exchange resources. The goal was precisely that every year we were able to increase our foreign exchange reserves and at the same time reduce much the external public debt.

"During the year, our foreign debt decreased by 4% and is about 19%. This is considered to be one of the best indicators globally, as in some countries external public debt exceeds or equals to GDP. The same figure makes up 19% in our country. We should continue to be very careful in this area. Loans can only be taken for projects of strategic importance, as we have our own internal capabilities, and we should use these opportunities. As I said, inflation is 2.5%. This is a good indicator. The rate of the manat is also stable," the president emphasized.