A surplus balance of payments continues to support supply channels in the foreign exchange market.

"APA-Economics" informs that this was reported by the Central Bank of Azerbaijan (CBA).

It was noted that the growth rate of exports in both the oil and gas sector and the non-oil and gas sector remains high.

Under these conditions, the surplus of the foreign trade balance, which is the main element of the current account of the balance of payments, increased by 3.1 times in 10 months compared to the same period last year and reached 23.1 billion.

reached US dollars.

In this period, the volume of non-oil and gas exports expanded by 16.2% and amounted to $2.4 billion.

The forecast that the current account will be in surplus in 2023 remains unchanged.

If the prices of energy carriers remain at their current level, the ratio of the current account surplus to the gross domestic product is expected to remain at a double-digit level in the next year.

"The surplus balance of payments is accompanied by an increase in the country's strategic foreign exchange reserves and an expansion of the supply in the foreign exchange market. This allows more savings in the funds of the State Oil Fund of the Republic of Azerbaijan," CBA added.