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Azeris Unveil Plans to Diversify Central Bank Reserves From 2013

Dec. 27 (Bloomberg) -- 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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