IMF reveals forecasts for Azerbaijan’s forex reserves until 2028

Foreign exchange reserves of the Central Bank of Azerbaijan (CBA) in 2024 are expected to reach $11.481 billion, reads a Staff Report for the 2023 Article IV Consultation of the International Monetary Fund (IMF), held by the head of the fund’s mission for Azerbaijan, Anna Bordon, in November 2023 in Baku, Report informs.

This figure will increase to $11.681 billion in 2025, $11.881 billion in 2026, $12.081 billion in 2027 and $12.281 billion in 2028.

In 2023, the CBA’s foreign exchange reserves increased by 29.1% to $11.6 billion.

According to IMF forecasts, the assets of the State Oil Fund of Azerbaijan are expected to reach $52.819 billion in 2024, $53.205 billion in 2025, $53.425 billion in 2026, $53.744 billion in 2027 and $54.424 billion in 2028.

The assets of the State Oil Fund for 2023 increased by 14.3% to $56.69 billion.

Azerbaijan’s strategic foreign exchange reserves in 2023 increased by 17% and amounted to $68.5 billion.

Azerbaijan’s strategic foreign exchange reserves are formed from the foreign exchange reserves of the Central Bank, the assets of the State Oil Fund and the treasury funds of the Ministry of Finance.