Azerbaijan's foreign exchange reserves grow by 3%

Azerbaijan's foreign exchange reserves exceeded $49.11 billion as of April 1, 2021, Report informs.

The State Oil Fund of Azerbaijan (SOFAZ) was responsible for slightly over $42.76 billion or 87.1% of this volume, while the Central Bank of Azerbaijan accounted for over $6.35 billion or 12.9%.

In the first quarter of 2021, Azerbaijan's foreign exchange reserves dwindled by $816.2 million, or 1.6%. Foreign exchange reserves of SOFAZ and the CBA decreased by $803 million, or 1.8%, and $13.2 million, or 0.2%, respectively.

Over the past year, the volume of foreign exchange reserves increased by over $1.374 billion, or 2.9%. Over the year, SOFAZ's reserves showed an increase of just over $1.41 billion, or 3.4%, while the CBA observed a decrease of $37.6 million, or 0.6%.