Azerbaijan's forex reserves exceed external debt by 10-fold - President Aliyev
BAKU. May 10 (Interfax) - Azerbaijan's foreign exchange reserves currently stand at $65 billion, while external debt is just over $6 billion, President Ilham Aliyev said in a statement.
"Our economy [GDP] has tripled over the past 20 years. Azerbaijan's forex reserves today have reached $65 billion, while the country's external debt is just over $6 billion. Consequently, the country's forex reserves exceed external debt by about 10-fold," Aliyev said on Wednesday in an address to the population.
Aliyev also noted that Azerbaijan's external debt is only 9%-10% of GDP.
"All of this indicates that we are not dependent on anyone. We do not interfere in anyone's affairs, and we have not permitted and will not allow interference in our own affairs, in both political and economic issues," Aliyev added.
Azerbaijan's forex reserves rose 9.3% in 2022, and they totaled $62.5 billion as on January 1, 2023, Prime Minister Ali Asadov said previously. Meantime, the country's external debt decreased 9.5% to $6.7 billion in 2022, or 8.5% of GDP.