Azerbaijan's strategic currency reserves decreased 4.3% or $ 2.3 billion in the last quarter of 2014, but in the fiscal cycle they increased 2.4%, amounting to $ 51.4 billion by January 1, 2015.
According to the report of the Central Bank of AR (CBA) on monetary policy for 2014 published on the website, "the strategic currency reserves are sufficient to replace the three-year imports of goods and services, 8 times higher than the amount of external debt."
According to the CBA, the republic's foreign exchange reserves account for about 70% of GDP in Azerbaijan.
Strategic currency reserves are formed from CBA reserves, SOFAZ assets and treasury funds of the Ministry of Finance. --17D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review