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Fitch: Azerbaijan’s strategic currency reserves to make up $38.3 bln. as of end of this year

30 July 2020 11:01 (UTC +04:00)

According to the forecasts of the Fitch international rating agency, as of the end of 2020, Azerbaijan’s strategic currency reserves will make up $38.3 bln. This is sufficient for payment of import for 23 months, APA-Economics reports citing the agency.

This forecast is 22.6% less compared to the indicator recorded at the end of the last year. Fitch notes that Azerbaijan’s strong foreign balance almost completely neutralizes the negative impact of low oil prices.

Note that as of July 1 of this year, the country’s strategic currency reserves made up $ 49.6 bln. The strategic currency reserves consist of assets of the Azerbaijan State Oil Fund ($ 43.2 bln.) and the official currency reserves of the Central Bank ($ 6.4 bln.).