Azerbaijan's currency reserves grow 3.4% since start of 2026 to $88 bln - Central Bank head

BAKU. May 6 (Interfax) - Azerbaijan's strategic currency reserves are estimated at $88 billion as of early May 2026, having grown by $2.9 billion since the beginning of the year, Central Bank of Azerbaijan Governor Taleh Kazimov said at a press conference on Wednesday.

"Strategic currency reserves increased by $2.9 billion or 3.4% in January-April and reached $88 billion," Kazimov said.

The currency reserves are sufficient to finance imports of goods into the country for 38 months, he said.

"Overall, reserves exceed the size of the manat money supply (M2 monetary aggregate) 3.7 times," he said.

Supply in the currency market significantly exceeds demand, and for this reason the Central Bank carried out an intervention in April with the aim of purchasing foreign currency, Kazimov said.

"According to our estimates, this trend will continue over the next two to three months. It is likely that at the end of the year, the CBA will again intervene in the currency market with the aim of purchasing foreign currency," he said.

Azerbaijan's strategic currency reserves increased by $14 billion or 19.8% in 2025, reaching $85.1 billion.