Our foreign exchange reserves amount to $40.6bn, Azerbaijani President

Our foreign exchange reserves have increased and now amount to $40.6 billion. This is a very good indicator because they have grown by approximately $3 billion from the beginning of the year, President Ilham Aliyev told a Cabinet meeting.

Look, the price of oil substantially fell, then increased to some extent. They may fall again. However, our foreign exchange reserves increase. Why? Thanks to a purposeful policy, because we have never dealt with populist affairs. We have always been engaged in long-term development of our country. We have saved and held reforms. We have spent only on strategically important projects. Definitely, we have reduced imports and increased exports. We experience no problems with the state budget. Therefore transfers from the State Oil Fund to the budget have been reduced. So a $3bn growth in foreign exchange reserves in the six months is a perfect result, added President Ilham Aliyev.