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Minister: Azerbaijan's strategic foreign exchange reserves reach $89.4 billion, exceed external public debt by 20 times

04 November 2026 11:27 (UTC +04:00)

"Our strategic foreign exchange reserves reached $89.4 billion as of October 1, which is 20 times higher than our external public debt," Finance Minister Sahil Babayev said, APA reports.

He made the remarks during today's meeting of the Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis, where the draft law “On the State Budget of the Republic of Azerbaijan for 2027” was discussed.

"We are already implementing a policy of reducing transfers from the State Oil Fund every year. We aim to reduce transfers by $1.5 billion by 2030, bringing the transfer amount to $5.5 billion in 2030. We are carrying out systematic work to reduce dependence on oil," the minister noted.

Firuza Vahid

Azerbaijan Sahil Babayev strategic foreign exchange reserves external public debt State Oil Fund SOFAZ 2027 state budget oil dependence budget transfers Milli Majlis