Minister: Azerbaijan's strategic foreign exchange reserves reach $89.4 billion

As of October 1, Azerbaijan's strategic foreign exchange reserves reached $89.4 billion, which is 20 times higher than the country's external public debt.

As APA reports, this was stated by Minister of Finance Sahil Babayev during the discussion of the draft law "On the State Budget of the Republic of Azerbaijan for 2027" at today's meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

"We are already pursuing a policy of annually reducing transfers from the State Oil Fund. Our goal is to reduce the volume of transfers by $1.5 billion by 2030, bringing it down to $5.5 billion. We are carrying out systematic work to reduce dependence on oil," the minister noted.