Elman Rustamov: “Our strategic currency reserves are more than $ 50 bln.”

Elman Rustamov: “Our strategic currency reserves are more than $ 50 bln.”
  • Clock-gray 12:34
  • calendar-gray 30 October 2020

“Tightening the quarantine regime in many countries hinders the sustainable recovery of oil demand,” said Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov in today’s press conference, APA-Economics reports.

According to him, the average price for Brent oil in September-October was at the level of $ 42.

 “The country's foreign trade balance remains in surplus since the beginning of the year. This creates conditions for the protection of strategic currency reserves. Currently our strategic currency reserves are more than $50 bln. and this exceeds 100% level of GDP,” noted Elman Rustamov.

He also added that the currency reserves of Central Bank continued to increase since the beginning of the year and the increase amounted to 3,4%.

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