23 July 2018

Foreign exchange reserves 4-5 times higher than debts

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"To continue our successful reforms and economic policy, of course, there must be financial and economic stability. This has been achieved. The macroeconomic situation has been stable since the beginning of the year. In the first months of the year there was some rise in prices. But over the past months, prices have stabilized.” reports that these words were told by Azerbaijani President Ilham Aliyev at today’s meeting of the Cabinet of Ministers dedicated to results of socio-economic development in the first half of 2017 and objectives for the future.

"It is necessary to maintain the current economic stability, constantly monitor consumer prices, not to allow artificial price hikes. There is no basis for this. Macroeconomic stability in Azerbaijan is well ensured, the manat rate is stable, demand is increasingly covered by domestic production. I have already noted that our foreign exchange reserves are growing. For the 6 months, the surplus of foreign trade turnover is about 2 billion dollars. Therefore, we have quite strong economic opportunities and foreign exchange reserves. Azerbaijan's currency reserves are 4-5 times higher than external debts," the president said.

2017.07.12 / 19:44
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