Foreign Exchange Reserves of CBA Reduced Due to Maintenance of AZN Rate
The currency reserves of the Central Bank of Azerbaijan amounted to $ 5 billion 16.7 million as of January 1 (minus 63.54% for the year) and the profitability of foreign exchange asset management was at the level of 0.76%.
According to the CBA, the reduction of foreign exchange reserves is due primarily to the artificial maintenance of AZN and USD interventions in connection with this (in 2015, as in 2014, to support the exchange rate regime and to prevent a possible crisis, $ 4 billion was spent). The entire funds have been placed in US dollars. --17D-
Economics
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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.
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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.
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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.
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"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.
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