Head of the Central Bank of Azerbaijan on Actions in the Foreign Exchange Market

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.

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.