BAKU, Azerbaijan, Apr. 28
By Zeyni Jafarov - Trend:
The Asian Development Bank (ADB) predicts Azerbaijan's strategic foreign exchange reserves to grow by 0.4 percent by late 2021, and reach $50.1 billion, Trend reports citing the ADB’s Asian Development Outlook-2021.
According to ADB projections, in 2022, Azerbaijan's foreign exchange reserves will amount to $50.4 billion, which will increase by 0.6 percent compared to 2021.
At the end of 2020, Chairman of the Central Bank of Azerbaijan Elman Rustamov said that in conditions of a surplus foreign trade balance, Azerbaijan's strategic foreign exchange reserves, exceeding the annual gross domestic product (GDP), approached $50 billion.
Along with this, earlier, Minister of Economy of Azerbaijan, Mikayil Jabbarov, during discussions on economic ties with Turkey, said that by early March 2021, the volume of Azerbaijan's strategic foreign exchange reserves exceeded $51 billion and equaled 120 percent of GDP.
According to the minister, these reserves are 5.8 times higher than the volume of Azerbaijan's external debt.
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