Foreign exchange reserves of Central Bank of Azerbaijan may grow by 70%
Baku, Azerbaijan, July 28
By Azad Hasanli – Trend:
The foreign currency reserves, being at disposal of the Central Bank of Azerbaijan (CBA) may grow by 289.3 million manats until the end of the year and reach almost $5.8 billion, the report on Azerbaijan of the international rating Agency Standard & Poor's says.
S&P has affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan. The Outlook on the ratings is stable.
The reserves of the Central Bank amounted to $5.5 billion at the end of 1H2018, having increased by $548.6 million or 11.1 percent.
The Agency's analysts predict that the CBA's foreign exchange reserves will grow by an average of $1 billion per year. Thus, the reserves can reach $6,987 billion by the end of 2019, $8,167 billion – by the end of 2020, $9,382 billion – by the end of 2021.
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