BAKU, Azerbaijan, May 2. The foreign exchange reserves of the Azerbaijani Central Bank amounted to over $9.1 billion as of May 1, 2023, Trend reports via the Central Bank.
According to the bank, this figure is 0.62 percent (or $56 million) more than in the previous month, and 29.65 percent higher compared to the same period of the previous year.
The bank’s foreign exchange reserves settled at $7 billion as of May 1, 2022, and $9.1 billion as of April 1, 2023.
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.