Central Bank of Azerbaijan’s Income from Foreign Reserve Management Grows 5% to $491.6 mln in 2024
The Central Bank of Azerbaijan (CBA) earned $491.6 million in income from managing its foreign exchange reserves in 2024, setting a record high, the CBA told Interfax.
As reported, the CBA’s income from foreign reserve management in 2023 stood at $466.5 million. It thus increased 5.4% in 2024.
“The income growth is attributed to favorable conditions in global financial markets and improved yields on equities and securities where the reserves are placed,” the bank said.
The CBA’s foreign exchange reserves fell 5.6% to $10.96 billion in 2024, driven by higher foreign currency sales in the domestic market.
The yield on foreign reserve management in 2024 was 4.5%, compared to 4.73% in 2023.
As of the end of 2024, 87% of foreign reserves were allocated in U.S. dollars (versus 88% in 2023), 3% in euros (down from 4%), 2% in Chinese yuan and 1% in British pounds (down from 2%), the bank said. Another 7% was held in Special Drawing Rights (SDRs), the International Monetary Fund’s reserve asset (compared to 6% the previous year).
