Fitch Ratings, the international rating agency, has confirmed Azerbaijan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Positive Outlook, APA reports via the agency.
The Agency noted that the rating is supported by Azerbaijan’s very strong external balance, low public debt and high financial flexibility due to the large assets of the sovereign fund.
‘The current account surplus has halved to 14.8% of GDP in 2023, but remains the highest in the BB category. Despite falling oil prices (oil and gas revenues account for 90% of total exports), we expect surpluses to remain strong in 2024-2025. Sovereign currency assets rose to $69.8 billion in 2023, 80% of which are owned by the State Oil Fund of the Republic of Azerbaijan (SOFAR), reflecting still high energy revenues and record high returns in SOFAR’s investment portfolio. Azerbaijan’s net sovereign asset position, estimated at 67% of GDP in 2023, will remain stable in 2024-2025, which is the highest indicator among the same group of
countries,” added Fitch.
Source: Azeri-Press news agency
BAKU: The official exchange rate of Azerbaijani manat against the US dollar set by the Central Bank of Azerbaijan (CBA) remained unchanged at the end of this week, Trend reports.
The weighted average rate at the end of the week amounted to 1.7 manat per dollar.
The official exchange rate of the manat against the euro rose by 0.0056 manat this week. The weighted average rate decreased by 0.0023 manat and amounted to 1.8277 manat per euro.
The official exchange rate of the manat against the Russian ruble rose by 0.0003 manat this week. The weighted average rate decreased by 0.0001 manat and amounted to 0.0186 manat per ruble.
The official exchange rate of the manat against the Trkiye’s lira appreciated by 0.0002 manat this week. The weighted average rate decreased by 0.0003 manat and amounted to 0.0553 manat per lira.
Source: Trend News Agency