Fitch`s unpromising forecast: Azerbaijan`s strategic foreign exchange reserves to decrease


July 30, Fineko/abc.az. The forecasts of international rating agency Fitch say that by the end of 2020 Azerbaijan's strategic foreign exchange reserves will amount to $38.3 bn.

This is enough to pay for the import of 23 months.

ABC.AZ reports with reference to news agency APA that the forecast is by 22.6% less than the indicator registered at the end of last year.

"Fitch notes that Azerbaijan's strong external balance sheet can be said to completely neutralize the damage of low oil prices.

As of 1 July 2020 country's strategic foreign exchange reserves reached $49.6 bn. Strategic foreign exchange reserves consist of assets of the State Oil Fund of Azerbaijan ($43.2 bn) and official foreign exchange reserves of the Central Bank ($6.4 bn).