Azerbaijan central bank FX reserves hit record $15.3 billion

The Central Bank of Azerbaijan (CBA) expanded its foreign exchange reserves to a historic high of $15.301 billion as of August 31, 2026, driven by continuous FX purchases amid sustained market surplus.

The regulator noted that growing reserve assets bolster the country’s resilience against external economic shocks and anchor long-term currency stability. However, the purchase of foreign currency alongside fiscal operations injected substantial manat liquidity into the banking system, exerting downward pressure on interbank rates.

To mitigate systemic liquidity excesses and curb inflationary risks, the central bank more than doubled its liquidity absorption portfolio over the first eight months of the year.

The CBA stated that monetary policy operations will remain aligned with banking liquidity dynamics, with upcoming interest rate decisions guided by revised macroeconomic forecasts and imported cost factors.

N. Tebrizli