Azerbaijan’s strategic foreign exchange reserves rise by another $2.9 billion

Azerbaijan’s strategic foreign exchange reserves rose by 3.4%, or $2.9 billion, as of May 1, reaching $87.9 billion.

Central Bank of Azerbaijan Governor Taleh Kazimov made the statement at a press conference.

According to him, the country’s strategic foreign exchange reserves are sufficient to cover imports of goods and services for 38 months.

Kazimov added that the strategic foreign exchange reserves are 3.7 times larger than broad money (M2).