Azerbaijan's strategic currency reserves increased in 2012 by $ 5.5 billion or 14% to over $ 46 billion, enough to cover imports of goods and services for 3 years. It is also about 8 times greater than the external debt of the country.
According to the report of the Central Bank on monetary policy on the basis of the four quarters of last year, foreign exchange reserves of the Central Bank of Azerbaijan rose by 12% to $ 11.7 billion. That is enough to fund some of the annual imports of goods and services.
Currently, the ratio of strategic currency reserves of Azerbaijan to GDP close to 70 percent. - 15D -
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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