BAKU, Azerbaijan, July 30
By Eldar Janashvili – Trend:
The Fitch Ratings international rating agency forecasted the strategic foreign exchange reserves of Azerbaijan to be equal to $38.3 billion by the end of 2020, Trend reports citing the agency's report.
According to the report, this is enough to carry out imports within 23 months.
"This figure is 22.6 percent less compared to the forecast for the end of 2019. The strong external balance of Azerbaijan is mainly affected by the low exchange rate of world oil prices," the report said.
As of July 1, 2020, the country's strategic foreign exchange reserves amounted to $49.6 billion, $43.2 billion of which accounted for the assets of the State Oil Fund of Azerbaijan, and $6.4 billion – for the official foreign exchange reserves of the Central Bank of Azerbaijan (CBA).
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