$61 million sold to Azerbaijani banks

The Central Bank of Azerbaijan (CBA) reported that its foreign exchange reserves amounted to $11.371 billion as of October 31, 2024. This represents a slight reduction of 3.6 percent from the September level, but an 8.2 percent increase compared to October 2023, highlighting the CBA’s role in navigating market demands while supporting national economic priorities.

A delegation from the State Oil Fund of the Republic of Azerbaijan (SOFAZ), led by the fund’s Executive Director Israfel Mammadov, concluded a working visit to Saudi Arabia. The visit aimed to strengthen strategic partnerships in the international financial market and diversify SOFAZ’s investment portfolio.

At a press conference on November 1, Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), described the situation in the foreign exchange market as stable, due in part to the complete fulfillment of demand at CBA’s currency auctions.

The surplus in Azerbaijan’s current account balance of payments for 2024 is projected at USD 5.3 billion, with an increase to USD 5.5 billion in 2025, according to a statement made by the Central Bank of Azerbaijan (CBA) on November 1.