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Azerbaijan's strategic foreign exchange reserves increase year on year

Finance Materials 24 January 2021 11:50
Azerbaijan's strategic foreign exchange reserves increase year on year

BAKU, Azerbaijan, Jan. 24

By Zeyni Jafarov – Trend:

The volume of Azerbaijan's strategic foreign exchange reserves amounted to $49.9 billion as of early January 2021, Trend reports citing the financial statements of SOFAZ and the Central Bank (CBA) for 2020.

In 2020, the volume of the country's strategic foreign exchange reserves increased by $352.4 million or 0.7 percent compared to 2019, the statement said.

According to the statement, in the structure of strategic foreign exchange reserves, 87.2 percent was formed at the expense of the foreign exchange reserves of the SOFAZ in the amount of $43.56 billion, and the remaining 12.75 percent or $6.37 billion - at the expense of the foreign exchange reserves of the CBA.

Over the last year, SOFAZ’s total foreign exchange reserves increased by $241 million or 0.6 percent, and the CBA's foreign exchange reserves - by $111.4 million (1.8 percent).

Earlier, Chairman of the Central Bank of Azerbaijan Elman Rustamov said that in conditions of a surplus foreign trade balance, Azerbaijan's strategic currency reserves, exceeding the annual gross domestic product (GDP), amount to about $50 billion.

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