Azerbaijan’s foreign exchange reserves reach record high, deputy minister says

BAKU, Azerbaijan, October 7.​ Azerbaijan’s currency reserves have reached $80 billion, the country’s First Deputy Minister of Finance, Anar Karimov, said at the Halal Business Forum (AZHAB) in Baku, Trend reports.

Karimov noted that Islamic finance continues to grow globally, with its total volume exceeding $4 trillion. He emphasized that the principles of Islamic finance, based on fairness, risk-sharing, and asset backing, contribute to a sustainable and ethical financial system.

“Under the leadership of the head of state, we have built a system based on efficiency, budgetary discipline, and digitalization. Today, Azerbaijan ranks twenty-third in the world for budget transparency,” Kerimov said, highlighting Azerbaijan’s achievements in macroeconomic stability and transparency.

He added that the country’s external public debt stands at around $5 billion, making reserves 16 times larger than the debt.

The official also underscored that Azerbaijan’s financial stability has been recognized by all three major rating agencies, Moody’s, Fitch, and S&P, with positive and stable outlooks.

The deputy minister further noted ongoing work to enhance the regulatory and accounting framework for Islamic finance, implement international reporting standards, and develop Islamic insurance in Azerbaijan.

He stressed the importance of expanding “halal” standards across various economic sectors, from food production to tourism, saying, “‘Halal’ certification builds trust, and trust opens markets.”

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