Azerbaijan's monetary base and currency reserves show significant growth
Akbar Novruz
Read moreAzerbaijan has seen substantial growth in both its monetary base and the currency reserves held by the Central Bank of Azerbaijan (CBA), Azernews reports.
As of September 1, the monetary base in Azerbaijan stood at 20.55 billion manats ($12.08 billion). Although this marks a slight decline of 0.9% from August 1, the monetary base has grown by 13.4% year-on-year. However, compared to the beginning of the year, there has been a 1.6% decrease, as reported by the CBA.
In parallel, the currency reserves of the CBA reached over $11.78 billion as of September 2. This is a 0.2% increase from August 1. Since the beginning of 2024, the CBA's foreign exchange reserves have increased by 1.5%. The reserves have also seen a significant year-on-year rise of 25.8%.
These figures reflect the overall stability and positive growth trends in Azerbaijan's financial sector, driven by effective monetary policies and currency management by the CBA.
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