Baku: The international rating agency Fitch Ratings forecasts that Azerbaijan’s strategic foreign exchange reserves will reach 93 billion US dollars by 2026, APA-Economics reports.
According to Azeri-Press News Agency, this amount will represent 117% of Azerbaijan’s projected gross domestic product (GDP). Fitch Ratings highlights that 84% of these assets are held in the State Oil Fund of Azerbaijan (SOFAZ), with the remainder in the international reserves of the Central Bank of Azerbaijan.
The agency’s assessment indicates that the rise in oil prices, influenced by the ongoing conflict in the Middle East, is expected to boost Azerbaijan’s oil and gas revenues. This increase in revenue is anticipated to create favorable conditions for the growth of foreign assets.
Fitch further noted that Azerbaijan’s net sovereign foreign assets are projected to reach 73% of GDP in 2026, marking the highest indicator among countries with a “BBB” rating.