President: Azerbaijan`s foreign exchange reserves increased $1bn in Q1, 2017

Baku, April 10, AZERTAC “The first quarter of this year saw Azerbaijan`s foreign exchange reserves grow one billion US dollars,” President Ilham Aliyev has told a meeting of the Cabinet of Ministers. “Our exchange reserves today make 38.5 billion US dollars. This is a huge figure.” “Last year we managed to keep our foreign exchange reserves. Despite a sharp decline in oil prices, this year we managed not only to keep the reserves, but in the first three months we even earned an additional one billion US dollars,” said the head of state, expressing his hope that the foreign exchange reserves will continue to grow. “Almost the majority of oil-rich countries lost their foreign exchange reserves last and this year. But we are increasing our reserves,” the President added.