“In 2024, the country's strategic currency reserves increased by $2.5 billion (or 3.7 percent) to reach $71 billion (currently $73 billion). Therefore, the reserves exceed foreign debt 14 times," Prime Minister Ali Asadov said in his remarks concerning the Cabinet’s 2024 report at the Milli Majlis session on Friday.
PM Ali Asadov mentioned that by the end of the year, the foreign state debt had dropped by 20.6 percent to $5.1 billion, or just 6.9 percent of GDP. “The government's anti-inflation policies, maintaining currency market equilibrium, exchange rate stability, and macrofiscal and monetary policy initiatives all contributed to a decrease in inflation,” the Premier underlined.
Ali Asadov also stated that annual inflation was within the target range, adding that in December 2024, the 12-month inflation rate was 4.9 percent, with the average annual inflation rate standing at 2.2 percent.
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