Azerbaijan posts 11% growth in foreign exchange reserves year-on-year

As of January 1, 2023, Azerbaijan’s currency reserves stood at over $ 58.029 billion, Report informs.

Of this, 84.5%, or $49.033 billion, belonged to the State Oil Fund of Azerbaijan (SOFAZ), and 15.5%, or $8.995 billion to the Central Bank of Azerbaijan (CBA).

The currency stocks increased by $4.975 billion or 9.4% in the fourth quarter of 2022. SOFAZ’s reserves increased by $3.647 billion or 8%, while CBA’s stocks grew by $1.328 billion or 17.3%.

The foreign exchange reserves went up $5.928 billion or 11.4% year-on-year, with an increase of $4.008 billion or 8.9% in SOFAZ’s reserves and $1.920 billion or 27.1% in CBA’s reserves.