Currency reserves in Azerbaijan exceed $ 50 billion

Currency reserves in Azerbaijan exceed $ 50 billion

Since the beginning of 2019, Azerbaijan's strategic currency reserves have grown by 11.7%. According to BlackSeaNews, Elman Rustamov, the Chairman of the Board of the Central Bank of Azerbaijan made the statement.

The strategic currency reserves of Azerbaijan are created from the treasury funds of the Central Bank, the State Oil Fund of the Republic of Azerbaijan assets and the Ministry of Finance.

Azerbaijan's currency reserves reached it's highest point on October 1, 2014. Reserves then surpassed US $ 53.7 billion. In the fourth quarter of 2014, the process of currency reserves reduction began, which continued in 2015-2016.

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