Azerbaijan Neutralizes Brexit Psychologically
The Financial Markets Control House (FMCH) made a statement that Brexit would not have a direct impact on the financial market of Azerbaijan.
"The analysis carried out, taking into account the expectedly increasing uncertainties in the commodity, labor and financial markets, has shown that the structure and dynamics of the foreign trade of Azerbaijan settled with major trading partners in the US dollar, as well as the currency composition of assets and liabilities of the country will minimize the impact of Brexit on the economy, including the financial system of our country," the statement says.
At the same time it is noted that on 24 June the foreign exchange market "sensitively" reacted to the news of Brexit.
FMCH continues to monitor the situation and takes measures to neutralize indirect effects of Brexit, including the psychological impact, on the economy. -16D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review