Increase in strategic currency reserves of Azerbaijan
Baku, Azerbaijan, Mar. 15
By Azad Hasanli – Trend:
Azerbaijan’s strategic currency reserves have grown by 4.1 percent since the beginning of 2019, amounting to $46.6 billion, Trend reports referring to the Central Bank of Azerbaijan (CBA).
As noted, this suggests that the balance of payments is formed with a surplus.
"The external environment remains favorable. According to preliminary data, the positive balance of foreign trade amounted to $986.3 million. Exports increased by 42.6 percent over the year, including non-oil exports, which increased by 16.4 percent," the statement read.
According to the CBA, in recent months, an uptrend in commodity prices has been observable in world markets. The average oil price was $62 in January-February 2019. The price of the "black gold" increased by 26 percent ($14) since the beginning of the year. According to the Food and Agriculture Organization of the United Nations (FAO), the food price index rose 3.4 percent in January-February, but nonetheless remained 2.2 percent less than the same period last year.
Inflation among Azerbaijan’s trading partners has remained stable lately, and there have been no major changes in the exchange rates of these countries.