In January-November 2022, in terms of a surplus balance of payments, Azerbaijan’s strategic foreign exchange reserves rose by 12.3%, or by $ 6.5 billion, to $ 59.8 billion.
This is stated in the statement of the Central Bank of Azerbaijan (CBA) on the main directions of monetary policy for 2023.
The statement says that for 9 months, a surplus of 30.7% of gross domestic product (GDP) was formed on the current account of the balance of payments. In the following months, positive processes continued in the external sector.
As a whole, for 11 months of the year, the foreign trade balance as the main component of the balance of payments formed a positive balance of $ 23.5 billion, or up by 2.5 times from the same period last year.
The CBA announced on October 28 last year that the country’s strategic foreign exchange reserves amount to $55.1 billion. It turns out that Azerbaijan saved about $5 billion in November-December alone.
Source: Turan News Agency