International assets of Azerbaijan, without the consideration of the funds of the Oil Fund of Azerbaijan, fell in June by $ 37.3 million, or 0.3%, to $ 13,125.69 million ( in May reserves decreased by 0.2% ). Compared with the beginning of the year this figure increased by $ 882.28 million or 7.2%.
According to the Central Bank of Azerbaijan, in the structure of international assets in the reporting month decreased funds in various foreign currencies (primarily U.S. dollars and euros) to $ 12,892.13 million. The cost of the basket of Special Drawing Rights (SDR), in which the country's share in the authorized capital of the International Monetary Fund was paid, decreased by 3.3% to $ 233.37 million.
Over the year the country's international assets increased by $ 1,624.86 million or 14.1%. --15В--
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review