14:59 - 16.12.2022

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December 16, Fineko/abc.az. The surplus balance of payments continues to support supply channels in the foreign exchange market, ABC.AZ reports with reference to the Central Bank.

Export growth rates in both the oil & gas sector and the non-oil and gas sector remain high.

Under these conditions, the surplus of the foreign trade balance, the main element of the current account of the balance of payments, increased 3.1-fold for Jan-Oct (versus the 2021 same term) up to $23.1 bn. The non-oil & gas exports grew by 16.2% up to $2.4 bn.

The forecast that the current account will also be in surplus in 2023 remains unchanged. If energy prices remain at the current level, the ratio of the current account surplus to GDP is expected to remain at double-digit levels next year.

"The surplus balance of payments is accompanied by an increase in the country's strategic foreign exchange reserves and expansion of supply in the foreign exchange market. This allows us to save even more on SOFAZ finances," the CBA added.