Baku, Azerbaijan, Aug.5
By Leman Zeynalova – Trend:
The reserves of the Central Bank of Azerbaijan (CBA) will reach $8 billion by 2020, according to the forecasts of Fitch Ratings.
Currently, the Central Bank’s reserves are slightly more than $5 billion as of Aug.1, 2017.
“Higher oil prices returned the current account to a surplus in 1Q17, the first since 3Q15. Rising prices, and greater oil and gas production in 2019, will support continued surpluses. These will allow the Central Bank to rebuild its revenues,” said the report.
Earlier, Standard & Poor’s (S&P) also forecasted Central Bank’s reserves to increase.
S&P expects Central Bank’s reserves to reach to $8.19 billion in 2020. Its forecasts for the next several years are as follows:
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
CBA reserves (in billion dollars) |
3.974 |
5.757 |
6.287 |
7.223 |
8.192 |
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