The Central Bank of Azerbaijan has completed the February session of the foreign currency sales. According to Turan estimates, banks have bought funds totaling $ 404.2 million.
In the second half of February, the banks' need for foreign currency was higher than that from February 1 to 15. From February 1 to 15 the auctions sold $ 153.6 million and from 17 to 29 February - $ 250.6 million.
In January, according to published information, four auctions sold $ 318 million.
According to the Central Bank, on February 1 its foreign exchange reserves amounted to $ 4 398.5 million, having decreased over the month by $ 618.2 million. ---08B
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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