BAKU, Azerbaijan, Jan. 6
By Zeyni Jafarov – Trend:
The foreign exchange reserves of the Central Bank of Azerbaijan (CBA) amounted to $6.37 billion as of early January 2021, Trend reports citing the CBA.
According to the bank, since the beginning of 2020, the foreign exchange reserves of the Central Bank have grown by 1.8 percent (from $6.25 to $6.37 billion). During December 2020, the foreign exchange reserves of the CBA decreased by 0.65 percent, or $42.1 million.
Earlier, the CBA Chairman Elman Rustamov stated that Azerbaijan's strategic foreign exchange reserves exceed $50 billion and this figure also exceeds 100 percent of GDP. Rustamov also stressed that the tightening of the quarantine regime in many countries hinders a sustainable recovery in oil demand. Thus, the average price of Brent oil in September-October amounted to $42 per barrel. However, the manat is stable and macroeconomic stability in Azerbaijan remains.
---
Follow the author on Twitter: @jafarov_zeyni