Azerbaijan's strategic foreign exchange reserves grow by 16%

Azerbaijan’s strategic foreign exchange reserves have grown by 16.6 per cent in 11 months of 2023 and amounted to $68.2 billion.

This is stated in the statement of the Central Bank of Azerbaijan (CBA) on the main directions of monetary policy, APA reports.

The CBA also announced that it will use artificial intelligence to improve macroeconomic forecasting.

“One of the goals of the Central Bank of Azerbaijan (CBA) for 2024 is to improve macroeconomic forecasting by using artificial intelligence [AI] in analytical research and economic models,” it says.

"The main goal is to make decisions on monetary policy taking into account the results of theoretically and econometrically adequate models. The model apparatus will be improved based on the latest scientific research on macroeconomics and quantitative methods of local and foreign specialists, as well as the best practices of central banks. Alternative statistical indicators will be expanded, and the formation of a large-scale database based on macroeconomic data will continue," the statement said.