Baku. 7 March. REPORT.AZ/ In 2009-2018, Azerbaijan’s currency reserves increased by $26,748,700,000 or 2.5-fold to $44,140,900,000, with the State Oil Fund of Azerbaijan (SOFAZ) accounting for $38,515,200,000, and the Central Bank of Azerbaijan for $5,625,700,000.
In the past ten years, SOFAZ currency reserves grew by $27,296,000 or 3.4-fold, while CBA’s currency reserves dropped $511.3 million or 8.3%.
According to observations, Azerbaijan’s currency reserves increased in 2009-2014 and made up $52,785,600,000 as of July 1, 2014. Thereafter, as oil price dropped in the world market, the currency reserves began to fall and made up $37,121,400,000 as of January 1, 2017. During past two years, the currency reserves extended with small exclusions. This index is now $8,644,700,000 or 16.4% lower than the record.
Same tendency was recorded in the SOFAZ and CBA currency reserves too. In 2009-2014 the currency reserves of the both authorities increased. As at the end of the second quarter of 2014, SOFAZ had $37,622,400,000, CBA - $15,163,200,000. Then the reserves of both authorities started to decline for the known reason settling at $37,622,400,000 and $3,974,400,000. In the past two years, SOFAZ reserves increased by $1,651,300,000 or 41.55%. For now, this figure is $9,537,500,000 or 2.7-fold lower than the record.
| SOFAZ currency reserves (mln. US dollar) | CBA currency reserves (mln. US dollar) | Azerbaijan’s currency reserves (mln. US dollar) | |
| 01.01.2019 | 38 515.2 | 5,625.7 | 44,140.9 |
| 01.10.2018 | 38 987.7 | 5,534.5 | 44,522.2 |
| 01.07.2018 | 38 036.,1 | 5,512.7 | 43,548.8 |
| 01.04.2018 | 37 631.7 | 5,508.0 | 43,139.7 |
| 01.01.2018 | 35 806.5 | 5,334.6 | 41,141.1 |
| 01.10.2017 | 36 020.0 | 5,167.5 | 41,187.5 |
| 01.07.2017 | 34 790.9 | 4,964.1 | 39,755.0 |
| 01.04.2017 | 33 207.2 | 4,432.7 | 37,639.9 |
| 01.01.2017 | 33 147.0 | 3,974.4 | 37,121.4 |
| 01.10.2016 | 35 822.1 | 4,132.7 | 39,954.8 |
| 01.07.2016 | 35 117.9 | 4,283.9 | 39,401.8 |
| 01.04.2016 | 34 246.0 | 4,065.8 | 38,311.8 |
| 01.01.2016 | 33 574.1 | 5,016.7 | 38,590.8 |
| 01.10.2015 | 34 738.1 | 7,014.7 | 41,752.8 |
| 01.07.2015 | 35,783.3 | 8,520.2 | 44,303.5 |
| 01.04.2015 | 34,930.5 | 9,472.1 | 44,402.6 |
| 01.01.2015 | 37,104.1 | 13,758.3 | 50,862.4 |
| 01.10.2014 | 37,305.3 | 15,042.4 | 52,347.7 |
| 01.07.2014 | 37,622.4 | 15,163.2 | 52,785.6 |
| 01.04.2014 | 36,618.4 | 14,715.7 | 51,334.1 |
| 01.01.2014 | 35,877.5 | 14,152.0 | 50,029.5 |
| 01.10.2013 | 35,809.2 | 13,262.7 | 49,071.9 |
| 01.07.2013 | 34,678.4 | 12,720.4 | 47,398.8 |
| 01.04.2013 | 34,325.7 | 12,332.6 | 46,658.3 |
| 01.01.2013 | 34,129.4 | 11,694.8 | 45,824.2 |
| 01.10.2012 | 33,192.4 | 11,506.5 | 44,698.9 |
| 01.07.2012 | 32,666.0 | 11,046.3 | 43,712.3 |
| 01.04.2012 | 32,359.4 | 10,822.6 | 43,182.0 |
| 01.01.2012 | 29,800.0 | 10,481.5 | 40,281.5 |
| 01.10.2011 | 32,242.5 | 6,943.3 | 39,185.8 |
| 01.07.2011 | 30,357.5 | 6,947.5 | 37,305.0 |
| 01.04.2011 | 25,796.9 | 6,718.4 | 32,515.3 |
| 01.01.2011 | 22,766.8 | 6,407.6 | 29,174.4 |
| 01.10.2010 | 21,720.8 | 6,057.6 | 27,778.4 |
| 01.07.2010 | 18,122.3 | 5,470.7 | 23,593.0 |
| 01.04.2010 | 16,243.3 | 5,510.0 | 21,753.3 |
| 01.01.2010 | 14,900.4 | 5,161.7 | 20,062.1 |
| 01.10.2009 | 13,337.5 | 5,103.7 | 18,441.2 |
| 01.07.2009 | 11,886.4 | 5,080.7 | 16,967.1 |
| 01.04.2009 | 10,863.9 | 4,961.8 | 15,825.7 |
| 01.01.2009 | 11,219.2 | 6,137.0 | 17,356.2 |
The highest increase in the Azerbaijan’s currency reserve in 2009-2018 was recorded in 2011 ($11,107.1 million), while the all-time decline in 2015 ($12,271.6 million). At the same time, the highest increase in SOFAZ currency reserves was recorded in 2010 ($7,866.4 million), and the highest decline in 2015 ($3,530,000). The CBA currency reserves mostly increased in 2011 ($4,073,900,000) and saw the highest decrease in 2015 ($8,741.6 million).
| Increase/decrease in SOFAZ currency reserves (mln. US dollar) | Increase/decrease in CBA currency reserves (mln. US dollar) | Increase/decrease in Azerbaijan’s currency reserves (mln. US dollar) | |
| 2018 | + 2,708.7 | + 291.1 | + 2,999.8 |
| 2017 | + 2,659.5 | + 1,360.2 | + 4,019.7 |
| 2016 | - 427.1 | - 1,042.3 | - 1,469.4 |
| 2015 | - 3,530.0 | - 8,741.6 | - 12,271.6 |
| 2014 | + 1,226.6 | - 393.7 | + 832.9 |
| 2013 | + 1,748.1 | + 2,457.2 | + 4,205.3 |
| 2012 | + 4,329.4 | + 1,213.3 | + 5,542.7 |
| 2011 | + 7,033.2 | + 4,073.9 | + 11,107.1 |
| 2010 | + 7 866,4 | + 1,245.9 | + 9,112.3 |
| 2009 | + 3 681,2 | - 975.3 | + 2,705.9 |
Report analytical group forecasts that Azerbaijan’s currency reserves will be around $ 46 billion as at the end of 2019, with SOFAZ to account for $40-41 billion and the Central Bank of Azerbaijan for $5-6 billion.