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Central Bank of Azerbaijan discloses amount of foreign exchange reserves for coming years

Finance Materials 25 January 2021 09:33
Central Bank of Azerbaijan discloses amount of foreign exchange reserves for coming years

BAKU, Azerbaijan, Jan. 24

By Zeyni Jafarov - Trend:

By late 2021, the foreign exchange reserves of the Central Bank of Azerbaijan (CBA) will amount to $6.2 billion, Trend reports with reference to Standard & Poor's (S&P) international rating agency.

This shows a decline in reserves on an annualized basis by almost two percent ($126 million).

In accordance with the report, by late 2022, the CBA's foreign exchange reserves will be estimated at $6.3 billion. The CBA’s foreign exchange reserves will reach about $6.5 billion and $6.6 billion in further years (2023-2024) respectively.

In total, as of early January 2021, the volume of Azerbaijan's strategic foreign exchange reserves amounted to $49.9 billion. Some 12.75 percent or $6.4 billion of that volume were formed through the CBA’s foreign exchange reserves.

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