Chairman of the Central Bank of Azerbaijan on Current Account Surplus and Hydrocarbon Prices

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