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Azerbaijani Central Bank's foreign exchange reserves increase in annual terms

Finance Materials 2 February 2021 12:39 (UTC +04:00)

BAKU, Azerbaijan, Feb.2

By Zeyni Jafarov – Trend:

The volume of foreign exchange reserves of Azerbaijan's Central Bank (CBA) made up over $6.3 billion as of early February 2021, Trend reports referring to the CBA.

The volume of the bank's foreign exchange reserves increased by 0.4 percent (from $6.34 to $6.36 billion) compared to early February 2020, while in monthly terms declined by 0.07 percent or $4.2 million.

Earlier, Chairman of the Central Bank of Azerbaijan Elman Rustamov said that Azerbaijan's strategic currency reserves amount to over $51 billion, thus exceeding the gross domestic product (GDP) by 100 percent.

He stressed that the tightening of quarantine regimes in many countries is hampering a sustained recovery in oil demand. Despite this, the national currency (manat) is stable and macroeconomic stability in Azerbaijan is preserved.

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Follow the author on Twitter: @jafarov_zeyni

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