ECONOMY
Azerbaijan's strategic monetary reserves reach 70% GDP
Baku, October 11 (AZERTAC). On Wednesday, President of Azerbaijan Ilham Aliyev presided over a meeting of the Cabinet of Ministers to discuss the results of the country`s socio-economic development in nine months of 2012, and outline further priorities.
The statement came from chairman of the board of the Central Bank of Azerbaijan Elman Rustamov. He was speaking at the session on the results of socioeconomic development in 9 months of 2012 and the upcoming tasks.
He said that today the export volume in Azerbaijan is thrice as high as import.
“The volume of non-oil export of goods and services of Azerbaijan is expected on the level of $5bn by the end of the year. This indicator has almost doubled since 2008”, Rustamov said.
The head of the Central Bank noted that the growth is observed in the export of services which constitute 60% of non-oil export.
In addition, he noted that by results of this year, the account surplus in current operations of the payment balance of the country is predicted at $16-17bn.
He said that the strategic monetary reserves reach 70% of GDP.