Azerbaijani Economy 9 april — 16:31

Azerbaijan's currency reserves will exceed $50 billion

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In the first quarter of 2018, Azerbaijan's foreign exchange reserves increased by $2.2 billion, Elman Rustamov, Chairman of the Central Bank, said at a press conference.

'We economically spent money, significantly reduced transfers to the state budget and imports of goods into the country. In the first quarter of 2018, the reserves grew by $2.2 billion. The increase in foreign currency reserves was also positively affected by bonus payments of $450 million from the shareholders of the Azeri-Chirag-Gunashli block. Thus, at the beginning of April, foreign currency reserves amount to $44 billion,' noted the CBA head.

The head of the CBA added that, given the current conditions and the growth for the first quarter, it is possible to expect the growth of the country's reserves at the level of $8 billion (to more than $50 billion).

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