Azerbaijan to diversify foreign reserves from next year
Central Asian nation Azerbaijan announced plans to diversify country's foreign reserves including gold from next year.
Central Asian nation Azerbaijan announced plans to diversify country's foreign reserves including gold from next year.
Central Bank of Azerbaijan (CBA) said it has developed a new strategy to manage its monetary reserves in 2013.
The central bank said Azerbaijan's strategic monetary reserves totalled $46.5 billion as of Dec.1, which is enough to cover imports of goods and services into the country within three years and nine times more than the foreign public debt.
The third-largest oil producer in the former Soviet Union forecasts that gross domestic product will grow 5.3 percent next year, with the non-oil economy expanding 11.7 percent.
Inflation is projected to accelerate to 5 percent to 6 percent. Consumer prices rose 1.2 percent in the first 11 months of this year from 2011.
In January-November, the country's strategic currency reserves increased by 14.7 per cent amounting to 70 per cent of the GDP and on this indicator Azerbaijan is among the top 15 countries of the world.
Meanwhile, Anglo Asian Mining plc, the Azerbaijani gold producer, plans to complete work on the exploration of the Gosha contract area by late 2013.
Anglo Asian Mining said, by late 2013, company plan to produce about 15,000-20,000 ounces of gold at Gosha, as well as complete the exploration of the entire contract area. The company also plans to produce up to 25,000 ounces of gold per year in this deposit.
From : Google
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