Azerbaijan’s foreign exchange reserves up by 9%

As of July 1, 2024, Azerbaijan's strategic currency reserves amounted to $69.74 billion, Report informs.

The State Oil Fund (SOFAZ) accounted for 83.2% or $58 billion of the reserves, while the Central Bank of Azerbaijan (CBA) was responsible for 16.8% or $11.74 billion.

In the second quarter of 2024, the foreign exchange reserves of the country increased by $711 million or 1%. Thus, the foreign exchange reserves of SOFAZ increased by $627.8 million or 1.1%, while the foreign currency reserves of the CBA increased by 83.2 million or 0.7%.

Over the past year, the foreign exchange reserves of the country increased by $5.63 billion or 8.8%. During the year, the foreign currency reserves of SOFAZ showed an increase of $3.09 billion or 5.6%, and the foreign currency reserves of the CBA rose by $2.54 billion or 27.6%.