Azerbaijan's strategic foreign exchange reserves increase
BAKU, Azerbaijan, Sept. 17
By Zeyni Jafarov - Trend:
The volume of Azerbaijan's strategic foreign exchange reserves exceeded $53 billion from January through August 2021, Trend reports via the Central Bank of Azerbaijan.
The growth is noticed at the level of 2.8 percent, or $2.4 billion, up to $53.2 billion.
During the reporting period, the Central Bank's reserves increased by 10.6 percent – up to $7 billion. The main driver of growth was the increase in the limit of special drawing rights (SDR) allocated to Azerbaijan by the International Monetary Fund as part of the SDR distribution in accordance with the quota in August.
The increase in Azerbaijan's strategic foreign exchange reserves indicates the stability of the manat currency.
In 2020, the head of the Central Bank of Azerbaijan stated that in the conditions of a surplus foreign trade balance, Azerbaijan's strategic foreign exchange reserves, exceeding the GDP, amounted to about $50 billion.
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