S&P expects significant increase in currency reserves of Azerbaijan’s Central Bank

Finance Materials 28 January 2019 12:54 (UTC +04:00)

Baku, Azerbaijan, Jan. 28

By Taleh Mursagulov – Trend:

S&P Global Ratings expects the currency reserves of the Central Bank of Azerbaijan (CBA) to increase by 20.14 percent to $6.75 billion in 2019, Trend reports Jan. 28 with reference to the international ratings agency.

The CBA reserves will grow 6.77 percent, to $7.21 billion in 2020 and 6.5 percent, to $7.67 billion in 2021, according to the forecast.

S&P Global Ratings affirmed the long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan at 'BB+/B'. The outlook on the long-term ratings is stable.

Currency reserves of the CBA amounted to $5,622.5 million by the end of December 2018, which is $287.9 million (5.4 percent) more than in the same period of 2017.

Currency reserves of CBA increased by $1.36 billion or 34.2 percent in 2017.


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