Baku: Azerbaijan’s strategic foreign exchange reserves have experienced a significant increase, reaching $87.9 billion as of May 1. This marks a 3.4% rise, equivalent to $2.9 billion, as reported by Taleh Kazimov, the Chairman of the Central Bank of Azerbaijan, during a press conference held today.
According to Azeri-Press News Agency, the Chairman highlighted that the country’s strategic foreign exchange reserves are robust enough to cover 38 months of imports of goods and services. He further emphasized that these reserves exceed the broad money supply (M2) by 3.7 times, underscoring the financial stability and strategic financial planning of Azerbaijan.