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Azerbaijan’s Central Bank records increase in foreign exchange reserves

Finance Materials 1 November 2021 16:17 (UTC +04:00)
Azerbaijan’s Central Bank records increase in foreign exchange reserves

BAKU, Azerbaijan, Nov. 1

By Sadraddin Aghjayev - Trend:

The foreign exchange reserves of the Central Bank of Azerbaijan (CBA) at the end of October 2021 increased by 10.5 percent compared to the same period last year - up to $7.041 billion, Trend reports with reference to the CBA.

According to the CBA, at the same time, over the month, the foreign exchange reserves of the Central Bank increased by 0.1 percent and exceeded $7 million.

Earlier the chairman of the CBA Elman Rustamov said that the strategic foreign exchange reserves of Azerbaijan exceed $52.2 billion, which indicates the stability of the national currency. He also noted that macroeconomic stability is maintained in Azerbaijan.

In addition, last week the CBA board raised the discount rate by 0.5 percent - from 6.5 to seven percent.

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