ECONOMY
Our foreign exchange reserves grew by $ 4.5 billion from the beginning of the year, Azerbaijani President
Baku, October 9, AZERTAC
"Our foreign exchange reserves grew by $4.5 billion from the beginning of the year," President Ilham Aliyev told a Cabinet meeting.
"Despite the fact that oil prices in the world markets are still low, this year we have set a goal to increase our foreign exchange reserves because this is one of the key conditions of our economic and political independence. Despite the increased expenditures and the growing number of responsibilities facing the country, we are trying to fulfill all the tasks. Of course, we need financial resources to do all this," the head of state said.
"An economical use of foreign exchange reserves as well as the success of our proper investment program, of course, has enabled us to increase our foreign exchange reserves. Azerbaijan's foreign exchange reserves increased in the first nine months of the year and now amount to $42 billion."
"We have a long-term policy. We are thinking about the future of our country, and about the long-term, and sustainable development. Therefore, I would like to reiterate that our foreign exchange reserves, in general, our economic opportunities are one of the key conditions of our independence," President Ilham Aliyev added.