BAKU, Azerbaijan, May 5. The foreign exchange reserves of the Azerbaijani Central Bank amount to over $9.1 billion today, the monetary base is almost $17.6 billion, Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said during the event dedicated to the 100th anniversary of national leader of Azerbaijan Heydar Aliyev, Trend reports.
According to him, the macroeconomic indicators of the Azerbaijani economy are growing annually by all indicators.
"Azerbaijan has increased the export of domestic goods by 15.6 times over the past 20 years. I also see a strategically important development. Azerbaijan is now a center in the transportation of goods in the North-South and East-West directions, as well as in a number of other international corridors and routes," he said.
Foreign exchange reserves are assets held by a country's central bank, typically denominated in foreign currencies such as US dollars, euros, and yen.
These reserves can be in the form of cash, bank deposits, or government securities and are used to support the national currency, maintain the balance of payments, and ensure economic stability.