Central Bank's foreign exchange reserves up by 8.4 pct

By Azernews

By Ayya Lmahamad

Azerbaijan's Central Bank foreign exchange reserves have increased by 8.4 percent on annual basis and amounted to $7.7 billion in January-September 2022, Taleh Kazimov of the bank said.

He made the remarks at a plenary meeting of the Azerbaijani Parliament Committee on Economic Policy, Industry and Entrepreneurship, Azernews reports per Trend.

The chairman also noted that Azerbaijan's macroeconomic indicators in GDP over the first nine months of 2022 grew by 5.6 percent up to $98 billion. He added that in the non-oil sector, this figure amounted to 10.1 percent.

Moreover, Committee Chairman Tahir Mirkishili stated that the stable macroeconomic growth of Azerbaijan creates favorable conditions for accelerating reforms.

He noted that a positive trend in lending, an increase in the volume of cashless payments, as well as growth in employment were observed in Azerbaijan in the first three quarters of the year.

"Trade turnover of Azerbaijan exceeded $19 billion in the eight months of this year, while strategic foreign exchange reserves increased by 5 percent, amounting to $55 billion. The current account surplus amounted to more than $6 billion," he said.

The National Bank of Azerbaijan was formed on February 11, 1992, by presidential order, and was renamed the Central Bank of Azerbaijan on March 18, 2009. The Central Bank's principal purpose is to preserve price stability within its legal authority, to arrange and ensure the operation of centralized interbank and other unregulated payment systems, and to support the stability of the banking system.