Azerbaijan's strategic FOREX reserves increase to record $68 bln - Prime Minister

BAKU. Dec 5 (Interfax) - Azerbaijan's strategic foreign exchange reserves currently exceed $68 billion, Prime Minister Ali Asadov said.

"Our strategic foreign exchange reserves are growing and are currently $68.3 billion," Asadov said on Tuesday during a discussion in the Milli Majlis (parliament) of the budget package for next year.

As previously reported, Azerbaijan's strategic foreign exchange reserves at the end of 2022 were estimated at about $59 billion. Thus, since the beginning of 2023, they have grown nearly 16% and are currently at a record level.

Asadov noted that in 2024, inflation is projected to be in the single digits.

"According to State Statistics Committee, average annual inflation for the 11 months of 2023 was 9.4%. Measures will be continued to ensure an acceptable level of inflation for economic growth, as well as fiscal and monetary policy," the prime minister said.

Azerbaijan's strategic foreign exchange reserves are formed from the foreign exchange reserves of the Central Bank, the assets of the State Oil Fund and the treasury funds of the Ministry of Finance.

Average annual inflation in Azerbaijan in 2022 was 13.9%.