Azeris Unveil Plans to Diversify Central Bank Reserves From 2013

Azerbaijan’s central bank said it will expand the range of its investments to diversify the country’s international reserves starting next year.

“The central bank has developed a new strategy to manage its monetary reserves in 2013,” the Baku-based regulator said today in an e-mailed statement. “The new strategy envisages diversifying the financial tools and geographic structure of the reserves.”

Azerbaijan’s central bank holdings grew 14 percent from the end of last year to $12 billion as of Nov. 30, according to the statement.

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, the central bank said. 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.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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