BAKU, Azerbaijan, September
24. Azerbaijan's Prime Minister Ali Asadov,
speaking at the Cabinet of Ministers meeting held today, said that
the country’s strategic foreign currency reserves have approached
$91 billion.


He made the remark at the meeting discussing the draft state and
consolidated budgets for 2027, held today, consolidated budget
indicators for the next 3 years, and socio-economic development
forecasts.


"Currently, our country's strategic foreign currency reserves
stand at approximately $91 billion. This figure exceeds our
external public debt by nearly 20-fold. As of September 1, our
direct external public debt stood at $4.5 billion, representing
5.6% of projected GDP. In the first 8 months of 2026, the foreign
trade surplus exceeded $10 billion.


Annual inflation was 5.7% during the first eight months of 2026.
Taking into account international organizations' forecasts
regarding food and commodity prices, the stability of the manat
exchange rate, and the balance of the currency market, average
annual inflation is projected to fall to 5.3% next year, remaining
within the target range," Asadov emphasized.


The prime minister noted that, taking into account the expected
growth rates from the strategy's adoption in 2022 through 2026, the
average annual growth rate of the non-oil and gas sector is
projected to be 5.1%.







"Despite global risks, macroeconomic and financial stability has
been maintained in our country during the period elapsed this year,
and our key macroeconomic indicators remain resilient," he
explained.


Asadov also noted that, overall, economic growth was achieved
despite a decline in production and growth rates within the oil and
gas sector:


"From January through August of this year, GDP grew by 1.2% in
real terms; specifically, real growth in non-oil and gas GDP was
2.1%, while oil and gas GDP saw a decline of 0.8%. Investments in
fixed assets increased by 10%.


During the first 8 months of the current year, the
Government—acting under the President's relevant decrees and
orders—implemented measures to support economic activity. These
included launching a nationwide interest rate subsidy mechanism for
loans and allocating additional budget funds, providing transport
and logistics subsidies, compensating for certain export costs, and
taking other supportive actions," he added.