BAKU, Azerbaijan, October 29. Azerbaijan’s
strategic foreign exchange reserves increased by $4.3 billion,
reaching $89.4 billion. The existing reserves serve as an important
financial buffer, ensuring the country’s resilience to external
economic shocks, the Governor of the Central Bank of Azerbaijan
Taleh Kazimov said at a press conference on Thursday dedicated to
the parameters of the interest rate corridor, Trend's correspondent reports
from the event.
He noted that favorable conditions have been observed in the
country’s external sector over the past period of this year.
According to customs statistics, the trade surplus reached $10.5
billion.
The CBA Governor noted that the forecast for the current account
stands at $4.7 billion. This is equivalent to 3.4% of the country’s
gross domestic product (GDP).
“Our country’s strategic foreign exchange reserves increased by
$4.3 billion, reaching $89.4 billion. This is a fairly substantial
financial buffer,” Kazimov said.
He emphasized that, according to balance of payments statistics,
Azerbaijan’s strategic foreign exchange reserves are sufficient to
finance 40 months of imports of goods and services.
Internationally, a level equivalent to three months is considered
the norm.
“We have this 40-month period, which provides a fairly
substantial financial buffer,” the CBA governor noted.
According to Kazimov, the ratio of the country’s strategic
foreign exchange reserves to the broad money supply is 3.4 times,
which is a high figure.
