Azerbaijan's strategic foreign exchange reserves, exceeding the annual gross domestic product (GDP), has made up more than $50 billion in conditions of a surplus foreign trade balance, Trend reports referring to the Central Bank of Azerbaijan.
According to the CBA, Azerbaijan's foreign exchange reserves have increased by 3.3 percent since the beginning of 2020.
The recovery process in the global economy is weak. After some signs of its recovery in the third quarter of this year, severe restrictive measures taken in individual countries in response to the repeated deterioration of the epidemiological situation in recent months have increased the uncertainty. Soft monetary policy and fiscal stimulus measures continue in developed countries, while fluctuations in financial and foreign exchange markets remain high in Azerbaijan's trading partner countries.
As the CBA noted, the search for balance in the global commodity markets continues, and the recent progress of various pharmaceutical companies towards the production of a safe and effective COVID-19 vaccine is having a positive impact on the oil market. So, the updated forecasts show that daily oil demand will grow in 2021. The average price for Brent crude was $41.6 in October and rose to $44 in November.
As earlier reported, Chairman of the CBA Elman Rustamov, speaking at a meeting of the Parliament’s Committee on Economic Policy, Industry and Entrepreneurship about macroeconomic stability in the country, said that the financial sector of Azerbaijan will end this year with good indicators.
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