Central Bank of Azerbaijan’s Foreign Exchange Reserves: A Balancing Act Between Support and Stability

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.

The Central Bank of Azerbaijan (CBA) forecasts a GDP growth rate of 3.9% for Azerbaijan in 2024 and 3.3% in 2025.