In February, Banks Bought More Foreign Currency
The Central Bank of Azerbaijan has completed the February session of the foreign currency sales. According to Turan estimates, banks have bought funds totaling $ 404.2 million.
In the second half of February, the banks' need for foreign currency was higher than that from February 1 to 15. From February 1 to 15 the auctions sold $ 153.6 million and from 17 to 29 February - $ 250.6 million.
In January, according to published information, four auctions sold $ 318 million.
According to the Central Bank, on February 1 its foreign exchange reserves amounted to $ 4 398.5 million, having decreased over the month by $ 618.2 million. ---08B
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- Economics
- 29 February 2016 15:52
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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