Azerbaijan's strategic currency reserves increase

By Trend

Azerbaijan's strategic currency reserves increased by 5.1 percent ($2.7 billion) to $55.9 billion, Trend reports via Central Bank of Azerbaijan (CBA).

According to CBA, increase of strategic currency reserves of Azerbaijan occurred amid the surplus in the balance of payments.

The CBA notes that there was a surplus in the current account in the amount of 27.6 percent of GDP in the first half of 2022.

"High world prices for the main export commodities, the realization of non-commodity export potential, as well as the growth of money transfers incoming to the country, create conditions for the formation of a large-scale current account. The surplus of foreign trade balance, which is the main component of the current account, has increased by three times compared to the same period last year," the CBA said.

CBA forecast a surplus of the current account in 2023.

According to the forecasts of international organizations, world prices for products that form the basis of Azerbaijan's exports will remain high next year.