Azerbaijan’s strategic foreign exchange reserves increase

By Trend

Azerbaijan’s strategic foreign exchange reserves increased by 4.4 percent ($2.2 billion) from January through November 2021 and reached $53 billion, Trend reports citing the Central Bank of Azerbaijan (CBA) on Dec. 17.

The CBA’s reserves increased by 10.2 percent and exceeded $7 billion.

According to the CBA, if the current trends remain, a big surplus of balance of payments is expected in 2022.

Although the demand at the foreign exchange auctions held by the CBA after the recent meeting has increased, in general, the balance in the foreign exchange market has remained while the exchange rate of the national currency has demonstrated stability during the year.