Azerbaijan's strategic foreign exchange reserves increased by $2.9 billion, or 3.4%, during the first four months of 2024, reaching a total of $88 billion.
Operative Information Center-OMM reports that Taleh Kazimov, the Chairman of the Central Bank of Azerbaijan (CBA), announced these figures during a press conference held today. "These reserves are sufficient to cover 38 months of imports and exceed the broad money supply (M2 aggregate) by 3.7 times," the Chairman noted.
The growth in strategic reserves is a critical indicator of Azerbaijan's macroeconomic resilience. These assets, which include the holdings of both the Central Bank and the State Oil Fund of the Republic of Azerbaijan (SOFAZ), serve as a primary buffer against external economic shocks and fluctuations in global energy markets. The accumulation of such significant financial resources supports the stability of the national currency, the manat, and facilitates the ongoing large-scale reconstruction and development projects in the liberated territories of Garabagh and East Zangazur.
