The gold and foreign exchange reserves of Azerbaijan in January 2021 reached $ 51.4 billion, said the chairman of the CBA Elman Rustamov
“In January 2021, Azerbaijan’s gold and foreign exchange reserves increased by 0.3% and reached $ 51.4 billion,” Rustamov said at an online press conference on Friday.
According to him, the growth of gold reserves could have been greater, but the sale of foreign currency by the State Oil Fund in January slightly exceeded the original schedule.
Azerbaijan’s gold and foreign exchange reserves are formed from the reserves of the CBA and the assets of the State Oil Fund.
As of January 1, 2021, the reserves of the Oil Fund of Azerbaijan amounted to $ 43 billion 564.3 million.As of October 1, 2014, Azerbaijan’s foreign exchange reserves reached a peak level of $ 53.7 billion. In the fourth quarter of 2014, the process of reducing foreign exchange reserves began, which continued in 2015-2016 due to the fact that they were aimed at maintaining the exchange rate of the national currency. Since 2017, the growth of foreign exchange reserves has resumed.
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