BAKU, Azerbaijan, February 27. Recently, central banks across the world have shown a significant increase in interest in boosting their gold reserves, said Ulker Ahmadova, Lead economist from the Product Development Department of the Baku Stock Exchange (BSE), Trend reports.
Speaking at a training session organized by the Azerbaijan Capital Market Participants Association (AFBIA) for media representatives, Ahmadova explained that when it comes to the numbers game, China and India are really hitting the nail on the head by ramping up their central banks' gold reserves.
“Azerbaijan's gold reserves held by the Central Bank and the State Oil Fund have reached $67 billion in 2024. From here, we can calculate the ratio of reserves to external debt. The higher this ratio, the more protected and stable the economy becomes. Compared to 2018, this ratio has increased from 2.9 to 7.7, which is a very positive outcome,” she concluded.
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