Azerbaijan's strategic foreign currency reserves near $73 billion

Azerbaijan's strategic foreign currency reserves have reached over $72 billion, with the exact figure standing at approximately $72.832 billion, the Central Bank of Azerbaijan (CBA) said.

CBA Chairman Taleh Kazimov shared this update during a press conference focused on the country's discount rate, noting that the latest data from the State Oil Fund has yet to be released for the day, Caliber.Az reports.

Kazimov emphasized that these reserves are crucial for maintaining the country’s economic stability and supporting future fiscal policies.

Over the past year, the foreign exchange reserves of the country increased by $5.63 billion or 8.8 per cent. During the year, the foreign currency reserves of SOFAZ showed an increase of $3.09 billion or 5.6 per cent, and the foreign currency reserves of the CBA rose by $2.54 billion or 27.6 per cent.

By Vafa Guliyeva