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Azerbaijan’s currency reserves in past ten years - REVIEW

​Azerbaijan’s currency reserves in past ten years - REVIEW
This figure increased by 2.5-fold in 2009-2018

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. 

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