Baku: Azerbaijan’s strategic foreign exchange reserves have surged by $12.5 billion this year, reaching a total of $83.5 billion, Prime Minister Ali Asadov announced during a session of the Milli Majlis. The discussion centered around the draft law ‘On the State Budget of the Republic of Azerbaijan for 2026,’ highlighting the country’s robust economic performance despite global risks identified in the World Economic Forum’s 2025 ‘Global Risk Report.’
According to Azeri-Press news agency, Prime Minister Asadov emphasized that the nation’s macroeconomic indicators have remained stable over the past 11 months. Key factors underpinning this stability include a strong external balance, low government debt, and substantial assets within the sovereign fund. The Gross Domestic Product (GDP) saw an overall increase of 1.6%, with the non-oil and gas sector experiencing a growth of 3.2%, while the oil and gas sector faced a 1.8% decline due to reduced oil production.
The Prime Minister attributed the increase in foreign exchange reserves to strategic economic policies and reforms under President Ilham Aliyev’s leadership. Notably, the reserves now stand at 142 billion manat, surpassing the projected GDP for 2025, which is estimated at 130 billion manat. This financial strength is further underscored by Azerbaijan’s foreign exchange reserves being 17 times greater than its external debt.
Additionally, Asadov highlighted that two major global rating agencies, Moody’s and Fitch, have upgraded Azerbaijan’s credit rating. This improvement reflects the country’s economic stability, fiscal discipline, and a favorable investment climate, reinforcing the success of the nation’s foreign and domestic policies.