Accounts Chamber chair: Azerbaijan's net financial assets grew over 40-fold in 20 years

12:00 - 5.12.2023


December 5, Fineko/abc.az. Over the past 20 years, Azerbaijan's net financial assets or strategic foreign exchange reserves have increased more than by 40 times.

ABC.AZ reports that this is stated in an article of Accounts Chamber’s chairman Vugar Gulmammadov, published in newspaper Azerbaijan.

He says that Azerbaijan is one of the world’s leaders on the ratio of net financial assets to GDP (about 70%).

"There has been significant increase in reserves of both the State Oil Fund and the Central Bank of Azerbaijan. Of course, growth is influenced by factors such as pricing and mining. But it is worth paying attention to the fact that today income from only one source - asset management is almost 10-fold higher than SOFAZ total income, which was 20 years ago," Gulmammadov said.

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