Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Monday January 18 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Azerbaijani Central Bank sees prerequisite for further growth in foreign exchange reserves

7 June 2019 14:41 (UTC+04:00)
8 756

By Trend

Azerbaijan’s strategic currency reserves increased and reached $47.5 billion in late April, Trend reports on June 7 referring to the Central Bank of Azerbaijan (CBA).

According to CBA, the country's gold and foreign exchange reserves increased by 6.2 percent compared to early 2019. Most of these funds account for the assets of the State Oil Fund of Azerbaijan (SOFAZ).

As of early April 2019, over $40.273 billion accounted for the assets, that is, the assets increased by 4.56 percent compared to early 2019, when they were at the level of $38.515 billion.

At the end of May, almost $5.871 billion accounted for the CBA’s own foreign exchange reserves compared to $5.625 billion in the same period last year. Thus, in January-May 2019, the CBA’s foreign exchange reserves increased by 4.3 percent.

"Azerbaijan’s strategic currency reserves increased by 6.2 percent, which testifies that the balance of payments is formed with a surplus," CBA stressed.

According to CBA, the situation in foreign markets remains favorable. A positive balance of Azerbaijan’s foreign trade balance has been observed since early 2019. The export is growing, including the export of non-oil items.

The Central Bank predicts that the favourable international situation for Azerbaijan will continue. Special attention is paid to the oil prices, which have increased by 24 percent since the beginning of the year, as well as to world food prices, which have declined by 2.2 percent.

According to many experts, oil prices will remain favorable for oil-producing countries.

Azerbaijan’s strategic currency reserves are formed from the CBA reserves, SOFAZ’s assets and the funds of the Ministry of Finance.

---

Follow us on Twitter @AzerNewsAz  

  • #CENTRAL BANK OF AZERBAIJAN (CBA)

Related News

Growth in demand for foreign currency in Azerbaijan temporary - Central Bank

Growth in demand for foreign currency in Azerbaijan temporary - Central Bank

12 January 18:04
CBA to auction deposits in liquidity-required cases

CBA to auction deposits in liquidity-required cases

12 January 17:45
Baku Stock Exchange holds first auction in 2021on placement of Central Bank's notes

Baku Stock Exchange holds first auction in 2021on placement of Central Bank's notes

6 January 18:32
Amount of foreign currency sold to Azerbaijani banks disclosed

Amount of foreign currency sold to Azerbaijani banks disclosed

6 January 10:25
Central Bank of Azerbaijan announces priorities of monetary policy for 2021

Central Bank of Azerbaijan announces priorities of monetary policy for 2021

29 December 2020 18:17
Demand of Azerbaijani banks for foreign currency revealed

Demand of Azerbaijani banks for foreign currency revealed

29 December 2020 16:48
Azerbaijan names target inflation rate for upcoming year

Azerbaijan names target inflation rate for upcoming year

29 December 2020 16:25
CBA reveals factors affecting monetary policy in 2020

CBA reveals factors affecting monetary policy in 2020

29 December 2020 15:16
Supply surpasses demand at deposit auction of Azerbaijan's Central Bank

Supply surpasses demand at deposit auction of Azerbaijan's Central Bank

28 December 2020 17:30
Azerbaijani banks' demand for foreign currency notably grows

Azerbaijani banks' demand for foreign currency notably grows

24 December 2020 18:33
  • Latest
  • Popular
17 January 17:10 • Azerbaijan discloses main principles of vaccination against COVID-19
17 January 16:50 • Turkic peoples to revive liberated Azerbaijani lands in spiritual and cultural field - TURKSOY Sec-Gen
17 January 16:37 • Joint exercises of the Azerbaijani and Turkish armies to be held [PHOTO/VIDEO]
17 January 16:18 • Azerbaijan confirms 845 more COVID-19 recoveries
17 January 15:54 • Call for prayer sounded for first time at cemetery in Azerbaijan’s Kalbajar district previously occupied by [VIDEO]
17 January 15:30 • Azerbaijan sends interstate statement against Armenia to European Court of Human Rights
17 January 15:14 • We are happy with Azerbaijan’s return of its ancestral lands - Turkic Culture and Heritage Foundation [PHOTO]
17 January 13:50 • Electricity supplies to Azerbaijan's liberated Shusha begin
17 January 13:35 • Delegation of Turkic Council and TURKSOY visit Aghdam [PHOTO]
17 January 13:11 • Azerbaijan approves COVID-19 vaccination strategy for 2021-2022
17 January 12:53 • SOCAR bonds will again bring their owners $1.25 million
17 January 12:37 • Turkey's investments in natural gas supply reach $3B in 18 years
17 January 12:10 • EU would like new EPCA to enhance bilateral relations in Central Asia
17 January 11:43 • Georgia to get first part of Covid vaccine in one month
17 January 11:36 • WHO reports over 688,000 new daily cases of COVID-19
17 January 11:12 • Azerbaijani gymnasts awarded the title of "Honorary Master of Sports"
17 January 10:43 • G7 summit to take place in UK’s Cornwall in June
17 January 10:21 • Defence Ministry launches raids to stop illegal use of military uniforms [PHOTO/VIDEO]
17 January 10:00 • President Ilham Aliyev calls President Recep Tayyip Erdogan
16 January 18:10 • Azerbaijan confirms 650 more COVID-19 recoveries
17 January 10:21 • Defence Ministry launches raids to stop illegal use of military uniforms [PHOTO/VIDEO]
17 January 15:30 • Azerbaijan sends interstate statement against Armenia to European Court of Human Rights
17 January 15:14 • We are happy with Azerbaijan’s return of its ancestral lands - Turkic Culture and Heritage Foundation [PHOTO]
17 January 12:53 • SOCAR bonds will again bring their owners $1.25 million
17 January 12:10 • EU would like new EPCA to enhance bilateral relations in Central Asia
17 January 12:37 • Turkey's investments in natural gas supply reach $3B in 18 years
17 January 11:12 • Azerbaijani gymnasts awarded the title of "Honorary Master of Sports"
17 January 16:50 • Turkic peoples to revive liberated Azerbaijani lands in spiritual and cultural field - TURKSOY Sec-Gen
17 January 10:00 • President Ilham Aliyev calls President Recep Tayyip Erdogan
17 January 15:54 • Call for prayer sounded for first time at cemetery in Azerbaijan’s Kalbajar district previously occupied by [VIDEO]
17 January 13:11 • Azerbaijan approves COVID-19 vaccination strategy for 2021-2022
17 January 13:35 • Delegation of Turkic Council and TURKSOY visit Aghdam [PHOTO]
17 January 13:50 • Electricity supplies to Azerbaijan's liberated Shusha begin
17 January 17:10 • Azerbaijan discloses main principles of vaccination against COVID-19
17 January 11:43 • Georgia to get first part of Covid vaccine in one month
17 January 10:43 • G7 summit to take place in UK’s Cornwall in June
17 January 11:36 • WHO reports over 688,000 new daily cases of COVID-19
17 January 16:18 • Azerbaijan confirms 845 more COVID-19 recoveries
17 January 16:37 • Joint exercises of the Azerbaijani and Turkish armies to be held [PHOTO/VIDEO]
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved