BAKU, Azerbaijan, June 1. The foreign exchange reserves of the Central Bank of Azerbaijan (CBA) as of June 1, 2023 exceeded $9.17 billion, Trend reports.
According to calculations based on the CBA data, this is 0.15 percent or $13.5 million less than the previous month and 26.9 percent more than the same period in 2022.
As of June 1, 2022, the CBA's foreign exchange reserves amounted to almost $7.23 billion, and as of May 1, 2023, to $9.18 billion.
Foreign exchange reserves are assets held by a country's central bank, typically denominated in foreign currencies such as US dollar, euro, 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.