Azerbaijan’s strategic currency reserves rose by 4.4 percent year-on-year to $53 billion in January-November, due to a rise in oil prices on the world markets, the central bank said.

The country’s strategic reserves include the central bank foreign currency reserves, the State Oil Fund SOFAZ’s assets and the Finance Ministry treasury deposits.

The central bank’s foreign currency reserves rose to $7.019 billion as of November 30 from $6.369 at the beginning of 2021.

In November alone, the central bank’s foreign currency reserves declined by $22.4 million.