{"id":105231,"date":"2026-05-08T05:33:09","date_gmt":"2026-05-08T01:33:09","guid":{"rendered":"https:\/\/jam-news.net\/az\/?p=105231"},"modified":"2026-05-08T13:02:24","modified_gmt":"2026-05-08T09:02:24","slug":"az%c9%99rbaycan-valyuta-ehtiyatlari","status":"publish","type":"post","link":"https:\/\/jam-news.net\/az\/az%c9%99rbaycan-valyuta-ehtiyatlari\/","title":{"rendered":"Neft g\u0259lirl\u0259ri azalark\u0259n g\u0259l\u0259n 85 milyard dollar: Bak\u0131 valyuta ehtiyatlar\u0131n\u0131n g\u00f6zl\u0259nilm\u0259z art\u0131m\u0131n\u0131 nec\u0259 idar\u0259 ed\u0259c\u0259k?"},"content":{"rendered":"\n

Az\u0259rbaycan valyuta ehtiyatlar\u0131<\/em><\/strong><\/p>\n\n\n\n

Az\u0259rbaycan<\/a> valyuta ehtiyatlar\u0131 2026-c\u0131 ilin ilk r\u00fcb\u00fcnd\u0259 yenid\u0259n rekord h\u0259dd\u0259 \u00e7at\u0131b. D\u00f6vl\u0259t Statistika Komit\u0259sinin 1 aprel\u0259 olan m\u0259lumat\u0131na g\u00f6r\u0259, \u00f6lk\u0259nin strateji valyuta ehtiyatlar\u0131 85,15 milyard dollara y\u00fcks\u0259lib<\/a>.<\/p>\n\n\n\n

Bu, bir il \u0259vv\u0259l\u0259 nisb\u0259t\u0259n 15,9 faiz art\u0131m dem\u0259kdir. R\u0259q\u0259min \u00f6z\u00fc q\u0259d\u0259r diqq\u0259t\u00e7\u0259k\u0259n ba\u015fqa m\u0259qam da var. Art\u0131m neft-qaz sektorundak\u0131 z\u0259ifl\u0259m\u0259, ixrac\u0131n daralmas\u0131 v\u0259 SOFAZ-\u0131n (Az\u0259rbaycan D\u00f6vl\u0259t Neft Fondunun q\u0131sald\u0131lm\u0131\u015f ad\u0131) birba\u015fa neft-qaz g\u0259lirl\u0259rinin azalmas\u0131 fonunda ba\u015f verib.<\/p>\n\n\n\n

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B\u0259s Bak\u0131 bu \u201cg\u00f6zl\u0259nilm\u0259z\u201d art\u0131m\u0131 nec\u0259 \u0259ld\u0259 etdi?\u00a0<\/p>\n<\/blockquote>\n\n\n

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\n\tC\u0259nubi Qafqazda iqtisadi dinamika: Az\u0259rbaycanda niy\u0259 daral\u0131r, qon\u015fular niy\u0259 daha s\u00fcr\u0259tli b\u00f6y\u00fcy\u00fcr?\n<\/h2>\n\n

\n Az\u0259rbaycan iqtisadiyyat\u0131 2026-c\u0131 ilin I r\u00fcb\u00fcnd\u0259 \u00f6t\u0259n ilin eyni d\u00f6vr\u00fcn\u0259 nisb\u0259t\u0259n real ifad\u0259d\u0259 0,3% ki\u00e7ilib.\n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"C\u0259nubi\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Strateji ehtiyatlar n\u0259dir v\u0259 nec\u0259 formala\u015f\u0131r?<\/h2>\n\n\n\n

Az\u0259rbaycanda \u201cstrateji valyuta ehtiyatlar\u0131\u201d ad\u0259t\u0259n iki b\u00f6y\u00fck tamponun c\u0259mi kimi ba\u015fa d\u00fc\u015f\u00fcl\u00fcr: D\u00f6vl\u0259t Neft Fondunun aktivl\u0259ri v\u0259 M\u0259rk\u0259zi Bank\u0131n r\u0259smi valyuta ehtiyatlar\u0131.<\/p>\n\n\n\n

1 aprel\u0259 q\u0259d\u0259r SOFAZ-\u0131n aktivl\u0259ri 73,5 milyard dollar, mart\u0131n sonuna olan m\u0259lumata \u0259sas\u0259n, M\u0259rk\u0259zi Bank\u0131n r\u0259smi ehtiyatlar\u0131 is\u0259 11,66 milyard dollar olub. Birlikd\u0259 bu, 85,15 milyard dollar edir. Y\u0259ni ehtiyatlar\u0131n \u0259sas a\u011f\u0131rl\u0131q m\u0259rk\u0259zi h\u0259l\u0259 d\u0259 neft fondunda qal\u0131r<\/a>.\u00a0<\/p>\n\n\n\n

Bu dinamikan\u0131 ba\u015fa d\u00fc\u015fm\u0259k \u00fc\u00e7\u00fcn 2025-ci il\u0259 qay\u0131tmaq vacibdir. SOFAZ-\u0131n aktivl\u0259ri 2025-ci ilin \u0259vv\u0259lind\u0259ki 60,0 milyard dollardan ilin sonunda 73,54 milyard dollara qalx\u0131b. M\u0259rk\u0259zi Bank\u0131n ehtiyatlar\u0131 is\u0259 2025-ci ilin yanvar sonundak\u0131 10,99 milyard dollardan dekabr\u0131n sonunda 11,51 milyard dollara y\u00fcks\u0259lib. <\/p>\n\n\n\n

Beyn\u0259lxalq Valyuta Fondu (\u0130MF) hesab edir ki, birl\u0259\u015fdirilmi\u015f SOFAZ v\u0259 MBA ehtiyatlar\u0131 2024-c\u00fc ilin sonundak\u0131 t\u0259xmin\u0259n 71 milyard dollardan 2025-ci ilin sonunda 85 milyard dollara \u00e7at\u0131b. Bu ehtiyatlar\u0131n likvid hiss\u0259si (\u201cLikvidlik\u201d iqtisadiyyatda v\u0259 maliyy\u0259d\u0259 pulun v\u0259 ya aktivin n\u0259 q\u0259d\u0259r tez v\u0259 asan \u015f\u0259kild\u0259 na\u011fd pula \u00e7evril\u0259 bilm\u0259sidir – red.) Az\u0259rbaycan\u0131n t\u0259xmin\u0259n 38 ayl\u0131q idxal\u0131n\u0131 qar\u015f\u0131lama\u011fa kifay\u0259t edir.<\/a><\/p>\n\n\n\n

\u0130MF standartlar\u0131na g\u00f6r\u0259 is\u0259 \u00f6lk\u0259nin t\u0259hl\u00fck\u0259siz say\u0131lan minimum valyuta ehtiyat\u0131 s\u0259viyy\u0259si bundan t\u0259xmin\u0259n 10 d\u0259f\u0259 azd\u0131r. Bu da Bak\u0131ya manat\u0131 sabit saxlamaq v\u0259 xarici iqtisadi riskl\u0259r\u0259 qar\u015f\u0131 m\u00fcdafi\u0259 olunmaq \u00fc\u00e7\u00fcn geni\u015f maliyy\u0259 imkanlar\u0131 verir. SOFAZ-\u0131n rolu sad\u0259c\u0259 g\u0259liri toplamaq deyil, onu qlobal bazarlarda idar\u0259 etm\u0259kdir. M\u0259rk\u0259zi Bank is\u0259 daha \u00e7ox q\u0131sam\u00fcdd\u0259tli likvidlik, valyuta sabitliyi v\u0259 maliyy\u0259 t\u0259hl\u00fck\u0259sizliyi x\u0259tti \u00fczr\u0259 i\u015fl\u0259yir.<\/p>\n\n\n\n

SOFAZ-\u0131n 2025-ci il Santiago Principles \u00f6z\u00fcn\u00fcqiym\u0259tl\u0259ndirm\u0259sind\u0259 fondun h\u00f6kum\u0259t v\u0259 M\u0259rk\u0259zi Bankdan ayr\u0131ca h\u00fcquqi \u015f\u0259xs oldu\u011fu, onun x\u0259rcl\u0259rinin is\u0259 konsolid\u0259 olunmu\u015f b\u00fcdc\u0259 \u00e7\u0259r\u00e7iv\u0259sind\u0259 planla\u015fd\u0131r\u0131ld\u0131\u011f\u0131 vur\u011fulan\u0131r. Ba\u015fqa s\u00f6zl\u0259, biri uzunm\u00fcdd\u0259tli s\u0259rv\u0259t idar\u0259\u00e7isidir, dig\u0259ri is\u0259 g\u00fcnd\u0259lik makro-m\u00fcdafi\u0259 al\u0259ti<\/a>.\u00a0<\/p>\n\n\n

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\n\tAz\u0259rbaycanda problemli kreditl\u0259r niy\u0259 art\u0131r?\n<\/h2>\n\n

\n Bu, krediti g\u00f6t\u00fcr\u0259n \u00fc\u00e7\u00fcn stress, bank \u00fc\u00e7\u00fcn risk, iqtisadiyyat \u00fc\u00e7\u00fcn is\u0259 x\u0259b\u0259rdarl\u0131q siqnal\u0131d\u0131r.\n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"Az\u0259rbaycanda\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Art\u0131m\u0131n s\u0259b\u0259bl\u0259ri n\u0259l\u0259rdir?<\/h2>\n\n\n\n

R\u0259q\u0259ml\u0259r g\u00f6st\u0259rir ki, art\u0131m\u0131n \u0259sas m\u0259nb\u0259yi xam neft sat\u0131\u015f\u0131n\u0131n \u00f6z\u00fc yox, aktivl\u0259rin idar\u0259\u00e7iliyidir. SOFAZ-\u0131n 2026-c\u0131 ilin yanvar-mart aylar\u0131nda \u00fcmumi g\u0259lirl\u0259ri 3,18 milyard manat olub. Bunun yaln\u0131z 1,80 milyard manat\u0131 neft-qaz sazi\u015fl\u0259rind\u0259n daxil olub. 2025-ci ilin eyni d\u00f6vr\u00fcnd\u0259 bu g\u00f6st\u0259rici 3,02 milyard manat idi. Y\u0259ni hidrokarbon ax\u0131n\u0131 a\u00e7\u0131q \u015f\u0259kild\u0259 azal\u0131b. Eyni zamanda, aktivl\u0259rin idar\u0259 edilm\u0259sind\u0259n 1,38 milyard manatl\u0131q g\u0259lir formala\u015f\u0131b. Burada q\u0131z\u0131l v\u0259 m\u0259z\u0259nn\u0259 d\u0259yi\u015fiklikl\u0259rind\u0259n yaranan 2,12 milyard manatl\u0131q \u0259lav\u0259 g\u0259lir, portfelin bazar d\u0259y\u0259rind\u0259 741 milyon manatl\u0131q eni\u015fi kompensasiya edib. Bu, ehtiyat art\u0131m\u0131n\u0131n \u0259sas mexanizmini a\u00e7\u0131q g\u00f6st\u0259rir.<\/a>\u00a0<\/p>\n\n\n\n

SOFAZ investisiyalar\u0131 m\u0259hz buna g\u00f6r\u0259 h\u0259lledici olub. 2025-ci ilin sonunda fond portfelinin 38,2 faizi q\u0131z\u0131lda, 29,8 faizi sabit g\u0259lirli al\u0259tl\u0259rd\u0259 v\u0259 pul bazar\u0131nda, 25,6 faizi s\u0259hml\u0259rd\u0259, 6,4 faizi is\u0259 da\u015f\u0131nmaz \u0259mlak v\u0259 infrastruktura y\u00f6n\u0259ldib. 2026-c\u0131 ilin birinci r\u00fcb\u00fcnd\u0259 q\u0131z\u0131l\u0131n pay\u0131 yenid\u0259n balansla\u015fd\u0131rma n\u0259tic\u0259sind\u0259 35,6 faiz\u0259 endirils\u0259 d\u0259, o, portfelin \u0259n b\u00f6y\u00fck komponenti olaraq qal\u0131b. Q\u0131z\u0131l portfelinin h\u0259cmi is\u0259 ilin \u0259vv\u0259lind\u0259ki 200 tondan 178,1 tona enib. 2025-ci ilin yekununda fond 6,2 faizlik investisiya g\u0259lirliliyi g\u00f6st\u0259r\u0259r\u0259k 6,9 milyard manat qazanc \u0259ld\u0259 edib. Dem\u0259li, 85 milyard dollarl\u0131q bu tamponun arxas\u0131nda neftd\u0259n \u00e7ox portfel g\u0259liri, q\u0131z\u0131l\u0131n bahala\u015fmas\u0131 v\u0259 aktivl\u0259rin yenid\u0259n qiym\u0259tl\u0259ndirilm\u0259si dayan\u0131r<\/a>.\u00a0<\/p>\n\n\n\n

Bu m\u0259nz\u0259r\u0259d\u0259 qeyri-neft iqtisadiyyat\u0131 da tam yox deyil, amma onun t\u00f6hf\u0259sini \u015fi\u015firtm\u0259k d\u0259 olmaz. Bu ilin yanvar-mart\u0131nda qeyri-neft s\u0259nayesi 7,2 faiz, qeyri-neft ixrac\u0131 is\u0259 19,7 faiz art\u0131b. Bununla bel\u0259, qeyri-neft \u00dcDM art\u0131m\u0131 c\u0259mi 0,2 faiz olub, \u00fcmumi ixrac is\u0259 9,6 faiz azal\u0131b. Y\u0259ni struktur d\u0259yi\u015fiklikl\u0259ri ba\u015flay\u0131b, amma ehtiyat art\u0131m\u0131n\u0131 h\u0259l\u0259lik onlar yox, \u0259sas\u0259n maliyy\u0259 g\u0259lirl\u0259ri izah edir.<\/p>\n\n\n

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\n\tAb\u015ferondak\u0131 yeni \u201celektrik anbar\u0131\u201d- Az\u0259rbaycan\u0131n ilk batareya saxlanc\u0131 \u015f\u0259b\u0259k\u0259y\u0259 n\u0259 verir, regiona n\u0259 v\u0259d edir?\n<\/h2>\n\n

\n \u015e\u0259b\u0259k\u0259 \u201cistehsal et v\u0259 \u00f6t\u00fcr\u201d modellind\u0259n \u00e7\u0131x\u0131b \u201cistehsal et-y\u0131\u011f-payla-idar\u0259 et\u201d modelin\u0259 ke\u00e7m\u0259y\u0259 \u00e7al\u0131\u015f\u0131r. \n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"Az\u0259rbaycan\u0131n\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Bak\u0131n\u0131n idar\u0259etm\u0259 strategiyas\u0131 nec\u0259dir?<\/h2>\n\n\n\n

Bak\u0131n\u0131n strategiyas\u0131 \u201cham\u0131s\u0131n\u0131 x\u0259rcl\u0259\u201d modelin\u0259 b\u0259nz\u0259mir. SOFAZ-\u0131n 2026-c\u0131 il investisiya siyas\u0259ti g\u0259lirl\u0259ri maksimal, b\u00f6y\u00fck itki ehtimal\u0131n\u0131 is\u0259 minimal saxlama\u011f\u0131 h\u0259d\u0259fl\u0259yir. S\u0259n\u0259d\u0259 g\u00f6r\u0259, fondun 2026 \u00fc\u00e7\u00fcn proqnozla\u015fd\u0131r\u0131lan orta investisiya portfeli 64,8 milyard dollard\u0131r. Portfelin az\u0131 85 faizi dollar, avro v\u0259 funt sterlinqd\u0259 saxlanmal\u0131d\u0131r.<\/p>\n\n\n\n

Strateji b\u00f6lg\u00fc bel\u0259 qurulub: sabit g\u0259lirli al\u0259tl\u0259r v\u0259 pul bazar\u0131 30 faiz\u0259 q\u0259d\u0259r, s\u0259hml\u0259r 25 faiz\u0259 q\u0259d\u0259r, real aktivl\u0259r 10 faiz\u0259 q\u0259d\u0259r, q\u0131z\u0131l is\u0259 35 faiz\u0259 q\u0259d\u0259r. \u018fn az\u0131 100 milyon dollar y\u00fcks\u0259k likvid q\u0131sam\u00fcdd\u0259tli al\u0259tl\u0259rd\u0259 saxlanmal\u0131, xarici menecerl\u0259rin pay\u0131 is\u0259 \u00fcmumi portfelin 60 faizini ke\u00e7m\u0259m\u0259lidir<\/a>.\u00a0<\/p>\n\n\n\n

Bu modelin ikinci s\u00fctunu b\u00fcdc\u0259 intizam\u0131d\u0131r. 2025-ci ild\u0259 SOFAZ d\u00f6vl\u0259t b\u00fcdc\u0259sin\u0259 14,48 milyard manat k\u00f6\u00e7\u00fcr\u00fcb, 2026-c\u0131 ilin ilk r\u00fcb\u00fcnd\u0259 is\u0259 daha 3,2 milyard manat transfer edib. Eyni zamanda fondun tarix\u0259n maliyy\u0259l\u0259\u015fdirdiyi istiqam\u0259tl\u0259r – m\u0259cburi k\u00f6\u00e7k\u00fcnl\u0259rin sosial \u015f\u0259raiti, ali t\u0259hsil proqramlar\u0131, Bak\u0131-Tbilisi-Qars d\u0259mir yolu, C\u0259nub Qaz D\u0259hlizi v\u0259 ba\u015fqa strateji layih\u0259l\u0259r d\u0259 davam edir. Y\u0259ni \u201cg\u00f6zl\u0259nilm\u0259z g\u0259lir\u201d iki istiqam\u0259t\u0259 b\u00f6l\u00fcn\u00fcr: bir hiss\u0259si b\u00fcdc\u0259 v\u0259 sosial-siyasi prioritetl\u0259r\u0259 gedir, bir hiss\u0259si is\u0259 ehtiyatda saxlan\u0131l\u0131r v\u0259 qlobal aktivl\u0259rd\u0259 b\u00f6y\u00fcd\u00fcl\u00fcr.\u00a0<\/p>\n\n\n\n

Burada diqq\u0259t\u00e7\u0259k\u0259n yeni x\u0259tt enerji ke\u00e7idi v\u0259 qlobal diversifikasiyad\u0131r. 2026-c\u0131 ild\u0259 SOFAZ \u0130taliyada 402 MVt-l\u0131q g\u00fcn\u0259\u015f elektrik stansiyalar\u0131 portfelind\u0259 49 faizlik pay alma\u011fa raz\u0131la\u015f\u0131b. Bu, fondun art\u0131q yaln\u0131z \u0259n\u0259n\u0259vi istiqraz-s\u0259hm kombinasiyas\u0131 il\u0259 deyil, h\u0259m d\u0259 b\u0259rpa olunan enerji v\u0259 infrastruktur aktivl\u0259ri il\u0259 i\u015fl\u0259diyini g\u00f6st\u0259rir.<\/p>\n\n\n\n

T\u00fcrkiy\u0259 v\u0259 Avropa \u00fc\u00e7\u00fcn bu, n\u0259qliyyat v\u0259 enerji d\u0259hlizl\u0259rini d\u0259st\u0259kl\u0259y\u0259n maliyy\u0259 g\u00fcc\u00fc dem\u0259kdir. \u00c7in istiqam\u0259tind\u0259 is\u0259 portfeld\u0259 yuan aktivl\u0259rinin m\u00f6vcudlu\u011fu v\u0259 Asiya ekspozisiyas\u0131 ehtiyatl\u0131, amma n\u0259z\u0259r\u0259\u00e7arpan a\u00e7\u0131l\u0131m\u0131 g\u00f6st\u0259rir<\/a>.\u00a0<\/p>\n\n\n

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\n\t\u201c900 milyon dollarl\u0131q ixrac, 27% art\u0131m\u201d x\u0259b\u0259rl\u0259ri: sevin\u0259k, yoxsa sual ver\u0259k?\n<\/h2>\n\n

\n R\u0259q\u0259ml\u0259r \u201cn\u0259 q\u0259d\u0259rdir?\u201d, \u201cniy\u0259 art\u0131b?\u201d kimi suallarla birlikd\u0259 oxunmayanda, oxucuda yanl\u0131\u015f t\u0259\u0259ss\u00fcrat yarad\u0131r.\n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"R\u0259smi\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Riskl\u0259r v\u0259 t\u0259nqidi bax\u0131\u015f<\/h2>\n\n\n\n

Bununla bel\u0259, rekord g\u00f6st\u0259rici b\u00fct\u00fcn suallar\u0131 cavablam\u0131r. M\u00fcsb\u0259t t\u0259r\u0259f odur ki, SOFAZ \u00f6z f\u0259aliyy\u0259tini IFRS standartlar\u0131 il\u0259 audit etdirir, r\u00fcbl\u00fck v\u0259 illik hesabatlar d\u0259rc edir v\u0259 2025-ci il Santiago Principles \u00f6z\u00fcn\u00fcqiym\u0259tl\u0259ndirm\u0259sind\u0259 h\u00fcquqi \u00e7\u0259r\u00e7iv\u0259, mandat v\u0259 hesabatl\u0131l\u0131q mexanizml\u0259rini geni\u015f \u015f\u0259kild\u0259 a\u00e7\u0131qlay\u0131b.<\/p>\n\n\n\n

M\u0259nfi t\u0259r\u0259f is\u0259 ondan ibar\u0259tdir ki, geni\u015f enerji idar\u0259\u00e7iliyi m\u0259nz\u0259r\u0259si h\u0259l\u0259 d\u0259 qar\u0131\u015f\u0131qd\u0131r: NRGI-nin 2021 Resurs \u0130dar\u0259etm\u0259 \u0130ndeksi Az\u0259rbaycan neft-qaz sektorunu 100 \u00fcz\u0259rind\u0259n 56 balla qiym\u0259tl\u0259ndirib, lisenziyala\u015fd\u0131rma v\u0259 yerli t\u0259sirl\u0259r \u00fczr\u0259 \u201cu\u011fursuz\u201d sah\u0259l\u0259r g\u00f6st\u0259rib v\u0259 EITI-d\u0259n (Extractive Industries Transparency Initiative – M\u0259d\u0259n S\u0259nayesind\u0259 \u015e\u0259ffafl\u0131q T\u0259\u015f\u0259bb\u00fcs\u00fc) \u00e7\u0131x\u0131\u015fdan sonra da \u015f\u0259ffafl\u0131q praktikas\u0131n\u0131n g\u00fccl\u0259ndirilm\u0259sini t\u00f6vsiy\u0259 edib.<\/p>\n\n\n\n

Ba\u015fqa s\u00f6zl\u0259, SOFAZ institut kimi nisb\u0259t\u0259n daha g\u00fccl\u00fcd\u00fcr, amma b\u00fct\u00f6v idar\u0259etm\u0259 ekosistemi eyni s\u0259viyy\u0259d\u0259 deyil.\u00a0<\/p>\n\n\n\n

\u0130kinci risk, klassik olaraq, neft qiym\u0259tl\u0259ri v\u0259 ehtiyatlar aras\u0131ndak\u0131 h\u0259l\u0259 d\u0259 q\u0131r\u0131lmam\u0131\u015f ba\u011fd\u0131r. Bu ilin yanvar-mart\u0131nda neft-qaz \u00dcDM-i 1,2 faiz azal\u0131b, \u00fcmumi ixrac a\u015fa\u011f\u0131 d\u00fc\u015f\u00fcb, xarici ticar\u0259t d\u00f6vriyy\u0259si daral\u0131b.<\/p>\n\n\n\n

\u0130MF-nin qiym\u0259tl\u0259ndirm\u0259sin\u0259 g\u00f6r\u0259, Bak\u0131 \u00fc\u00e7\u00fcn \u0259sas m\u0259s\u0259l\u0259 neftd\u0259n as\u0131l\u0131l\u0131\u011f\u0131 azaltmaq v\u0259 iqtisadiyyat\u0131n qeyri-neft sektorunu g\u00fccl\u0259ndirm\u0259kdir. Fond hesab edir ki, \u00f6lk\u0259nin neft-qaz hasilat\u0131 g\u0259l\u0259c\u0259k ill\u0259rd\u0259 t\u0259dric\u0259n azalacaq.<\/p>\n\n\n\n

Do\u011frudur, xarici d\u00f6vl\u0259t borcu 1 aprel\u0259 q\u0259d\u0259r c\u0259mi 4,69 milyard dollar olub v\u0259 strateji ehtiyatlar onu t\u0259xmin\u0259n 18 d\u0259f\u0259 \u00fcst\u0259l\u0259yir. Ancaq b\u00f6y\u00fck tamponun olmas\u0131 as\u0131l\u0131l\u0131\u011f\u0131n aradan qalxmas\u0131 dem\u0259k deyil.<\/p>\n\n\n

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\n\tRusiyan\u0131n 90 milyardl\u0131q neft \u015f\u0259b\u0259k\u0259si: Az\u0259rbaycanl\u0131 i\u015f adamlar\u0131 nec\u0259 if\u015fa olunub?\n<\/h2>\n\n

\n Ara\u015fd\u0131rma g\u00f6st\u0259rir ki, Az\u0259rbaycanla ba\u011fl\u0131 tankerl\u0259r sanksiyalardan yay\u0131nma mexanizminin \u0259sas halqalar\u0131ndan birin\u0259 \u00e7evrilib.\n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"Rus\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Regional kontekst v\u0259 m\u00fcqayis\u0259<\/h2>\n\n\n\n

C\u0259nubi Qafqaz miqyas\u0131nda Az\u0259rbaycan\u0131n bu g\u00f6st\u0259ricisi r\u0259qibl\u0259rd\u0259n k\u0259skin \u015f\u0259kild\u0259 f\u0259rql\u0259nir. Erm\u0259nistan<\/a> M\u0259rk\u0259zi Bank\u0131n\u0131n r\u0259smi m\u0259lumat bazas\u0131nda<\/a> mart 2026 \u00fc\u00e7\u00fcn \u00fcmumi beyn\u0259lxalq ehtiyatlar 5,54 milyard dollar g\u00f6st\u0259rilir. G\u00fcrc\u00fcstan Milli Bank\u0131 is\u0259 2026-c\u0131 ilin fevral\u0131nda beyn\u0259lxalq ehtiyatlar\u0131n b\u00fct\u00fcn zamanlar\u0131n \u0259n y\u00fcks\u0259k h\u0259ddi olan t\u0259xmin\u0259n 6,65 milyard dollara \u00e7atd\u0131\u011f\u0131n\u0131 a\u00e7\u0131qlay\u0131b.<\/p>\n\n\n\n

Az\u0259rbaycan\u0131n 85,15 milyard dollarl\u0131q strateji ehtiyat\u0131 bu iki r\u0259q\u0259mi qat-qat \u00fcst\u0259l\u0259yir. Bununla yana\u015f\u0131, m\u00fcqayis\u0259 tam simmetrik deyil: Erm\u0259nistan v\u0259 G\u00fcrc\u00fcstan<\/a> \u00fc\u00e7\u00fcn s\u00f6hb\u0259t \u0259sas\u0259n m\u0259rk\u0259zi bank ehtiyatlar\u0131ndan gedir, Az\u0259rbaycanda is\u0259 buna \u0259lav\u0259 olaraq n\u0259h\u0259ng neft fondu da daxildir.\u00a0<\/p>\n\n\n\n

Ancaq f\u0259rqin siyasi-iqtisadi m\u0259nas\u0131 yen\u0259 d\u0259 b\u00f6y\u00fckd\u00fcr. Bu h\u0259cmd\u0259 rezerv Bak\u0131ya m\u0259z\u0259nn\u0259 sabitliyini qorumaq, a\u015fa\u011f\u0131 xarici borc \u015f\u0259raitind\u0259 s\u0259rt \u015foklar\u0131 udmaq v\u0259 regional layih\u0259l\u0259ri \u00f6z v\u0259saiti il\u0259 d\u0259st\u0259kl\u0259m\u0259k imkan\u0131 verir.<\/p>\n\n\n\n

SOFAZ-\u0131n Bak\u0131-Tbilisi-Qars v\u0259 C\u0259nub Qaz D\u0259hlizi kimi layih\u0259l\u0259ri maliyy\u0259l\u0259\u015fdirm\u0259si g\u00f6st\u0259rir ki, ehtiyatlar t\u0259kc\u0259 maliyy\u0259 statistikas\u0131nda duran r\u0259q\u0259m deyil, h\u0259m d\u0259 T\u00fcrkiy\u0259, Avropa v\u0259 daha geni\u015f Q\u0259rb bazarlar\u0131 il\u0259 \u0259laq\u0259l\u0259rd\u0259 strateji al\u0259tdir. \u00c7in istiqam\u0259ti is\u0259 h\u0259l\u0259 daha ki\u00e7ikdir, amma yuan v\u0259 Asiya aktivl\u0259rinin portfeld\u0259ki \u00e7\u0259kisi Bak\u0131 \u00fc\u00e7\u00fcn manevr sah\u0259sinin geni\u015fl\u0259ndiyini g\u00f6st\u0259rir.<\/p>\n\n\n

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\n\tDavosda \u0130lham \u018fliyev: \u201cAz\u0259rbaycan Avropa il\u0259 M\u0259rk\u0259zi Asiya aras\u0131nda yegan\u0259 t\u0259hl\u00fck\u0259siz mar\u015frutdur\u201d\n<\/h2>\n\n

\n M\u00fczakir\u0259l\u0259rin \u0259sas m\u00f6vzular\u0131 Az\u0259rbaycan\u0131n investisiya prioritetl\u0259ri, enerji strategiyas\u0131, regional n\u0259qliyyat \u0259laq\u0259l\u0259ri v\u0259 post-m\u00fcnaqi\u015f\u0259 d\u00f6vr\u00fcnd\u0259 Erm\u0259nistanla m\u00fcnasib\u0259tl\u0259r olub.\n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"\u0130lham\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Ekspert r\u0259yl\u0259ri<\/h2>\n\n\n\n

\u0130MF missiyas\u0131n\u0131n r\u0259hb\u0259ri Anna Bordon fevral missiyas\u0131n\u0131n yekununda bildirib ki,<\/a> “davaml\u0131 maliyy\u0259 konsolidasiyas\u0131 v\u0259 \u00f6z\u0259l sektor t\u0259r\u0259find\u0259n idar\u0259 olunan diversifikasiya Az\u0259rbaycan \u00fc\u00e7\u00fcn \u0259sas siyas\u0259t prioritetl\u0259ri olaraq qal\u0131r”.<\/p>\n\n\n\n

Bordonun mesaj\u0131 sad\u0259dir: rezervl\u0259rin s\u00fcr\u0259tl\u0259 artmas\u0131 yax\u015f\u0131 x\u0259b\u0259rdir, amma bu art\u0131m yaln\u0131z qeyri-neft sektorunda m\u0259hsuldarl\u0131q, daha d\u0259rin maliyy\u0259 bazarlar\u0131 v\u0259 daha s\u0259m\u0259r\u0259li d\u00f6vl\u0259t m\u00fc\u0259ssis\u0259l\u0259ri il\u0259 dayan\u0131ql\u0131 olacaq.\u00a0<\/p>\n\n\n\n

\u0130qtisad\u00e7\u0131 Natiq C\u0259f\u0259rli is\u0259 yerli mediaya deyib ki<\/a>, art\u0131m\u0131n \u201c\u0259sas s\u0259b\u0259bi\u201d q\u0131z\u0131l\u0131n qiym\u0259tinin y\u00fcks\u0259lm\u0259si v\u0259 fondun son iki ild\u0259 q\u0131z\u0131l al\u0131\u015f\u0131n\u0131 art\u0131rmas\u0131d\u0131r. O eyni zamanda x\u0259b\u0259rdarl\u0131q edir ki, q\u0131z\u0131l\u0131n bahala\u015fmas\u0131n\u0131n \u201csaturasiya h\u0259ddi\u201d var v\u0259 geosiyasi g\u0259rginlik azalanda bu kanal z\u0259ifl\u0259y\u0259 bil\u0259r.<\/p>\n\n\n\n

Bu yana\u015fma r\u0259smi statistika il\u0259 uy\u011fun g\u0259lir: 2025-ci ild\u0259 SOFAZ-\u0131n qeyri-b\u00fcdc\u0259 g\u0259lirl\u0259rinin b\u00f6y\u00fck hiss\u0259si m\u0259hz valyuta m\u0259z\u0259nn\u0259si v\u0259 q\u0131z\u0131l qiym\u0259tl\u0259rind\u0259n g\u0259lib.\u00a0<\/p>\n\n\n\n

\u0130qtisad\u00e7\u0131 v\u0259 deputat V\u00fcqar Bayramovun \u0130taliyadak\u0131 g\u00fcn\u0259\u015f enerjisi portfeli il\u0259 ba\u011fl\u0131 qiym\u0259tl\u0259ndirm\u0259si<\/a> is\u0259 ba\u015fqa t\u0259r\u0259fi g\u00f6st\u0259rir. Onun fikrinc\u0259, bu c\u00fcr sazi\u015fl\u0259r fondun portfelinin \u015fax\u0259l\u0259ndirilm\u0259si bax\u0131m\u0131ndan m\u00fch\u00fcm add\u0131md\u0131r.<\/p>\n\n\n\n

\u018fg\u0259r bu x\u0259tt davam ets\u0259, SOFAZ t\u0259kc\u0259 \u201cneft pullar\u0131n\u0131 saxlamaq\u201d mexanizmi yox, h\u0259m d\u0259 post-neft d\u00f6vr\u00fc \u00fc\u00e7\u00fcn g\u0259lir g\u0259tir\u0259n beyn\u0259lxalq investor kimi formala\u015fa bil\u0259r.<\/p>\n\n\n

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\n\tAz\u0259rbaycan\u0131n \u00dcTT\u2011y\u0259 \u00fczvl\u00fcy\u00fc yenid\u0259n g\u00fcnd\u0259md\u0259: \u0259h\u0259miyy\u0259ti v\u0259 gecikm\u0259nin s\u0259b\u0259bl\u0259ri\n<\/h2>\n\n

\n T\u0259nqid\u00e7il\u0259r is\u0259 hesab edirl\u0259r ki, prosesin uzanmas\u0131n\u0131n \u0259sas s\u0259b\u0259bi siyasi irad\u0259 \u00e7at\u0131\u015fmazl\u0131\u011f\u0131 v\u0259 \u00f6lk\u0259 daxilind\u0259ki inhisar\u00e7\u0131 maraqlard\u0131r\n<\/p>\n <\/a>\n <\/div>\n

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\n \n \"Az\u0259rbaycan\u0131n\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

N\u0259tic\u0259 v\u0259 proqnoz<\/h2>\n\n\n\n

Bu g\u00fcn \u00fc\u00e7\u00fcn m\u0259nz\u0259r\u0259 bel\u0259dir: Az\u0259rbaycan valyuta ehtiyatlar\u0131 2026-c\u0131 ild\u0259 rekord h\u0259dd\u0259 \u00e7at\u0131b v\u0259 bu, t\u0259sad\u00fcfi s\u0131\u00e7ray\u0131\u015fdan \u00e7ox, bir ne\u00e7\u0259 faktorun c\u0259minin n\u0259tic\u0259sidir – 2025-ci ild\u0259 g\u00fccl\u00fc investisiya g\u0259lirliliyi, q\u0131z\u0131l\u0131n davaml\u0131 bahala\u015fmas\u0131, portfelin \u00e7evik idar\u0259 olunmas\u0131, m\u0259hdud xarici borc v\u0259 b\u00fcdc\u0259-fond koordinasiyas\u0131. Amma bu, neftd\u0259n as\u0131l\u0131l\u0131\u011f\u0131n bird\u0259f\u0259lik q\u0131r\u0131lmas\u0131 anlam\u0131na g\u0259lmir. Strategiyan\u0131n u\u011furu bundan sonra daha \u00e7ox \u00f6l\u00e7\u00fc il\u0259 yox, istifad\u0259nin keyfiyy\u0259ti il\u0259 m\u00fc\u0259yy\u0259n olunacaq.\u00a0<\/p>\n\n\n\n

\u0130MF-nin son qiym\u0259tl\u0259ndirm\u0259sin\u0259 g\u00f6r\u0259, Az\u0259rbaycan iqtisadiyyat\u0131 2026-c\u0131 ild\u0259 2,1 faiz, 2027-ci ild\u0259 is\u0259 t\u0259xmin\u0259n 2,5 faizlik orta tempd\u0259 b\u00f6y\u00fcm\u0259li, inflyasiya 2026 sonuna 6,0 faiz\u0259 y\u00fcks\u0259lib 2027 sonunda 4,2 faiz\u0259 enm\u0259lidir.<\/p>\n\n\n\n

D\u00fcnya Bank\u0131 is\u0259 bir q\u0259d\u0259r daha ehtiyatl\u0131d\u0131r: 2026 \u00fc\u00e7\u00fcn 2,0 faiz, 2027 \u00fc\u00e7\u00fcn 1,8 faiz art\u0131m, inflyasiya \u00fc\u00e7\u00fcn is\u0259 m\u00fcvafiq olaraq 5,8 v\u0259 4,6 faiz proqnozla\u015fd\u0131r\u0131r. ADB d\u0259 2026-da b\u0259rpan\u0131n m\u0259hdud, 2027-d\u0259 is\u0259 neft hasilat\u0131n\u0131n azalmas\u0131 s\u0259b\u0259bind\u0259n yenid\u0259n z\u0259ifl\u0259y\u0259 bil\u0259c\u0259yini deyir.<\/p>\n\n\n\n

Y\u0259ni 85 milyard dollarl\u0131q ehtiyat Bak\u0131ya vaxt qazand\u0131r\u0131r, amma yaln\u0131z vaxt. \u018fsl sual d\u0259yi\u015fm\u0259z qal\u0131r: bu vaxt \u0259rzind\u0259 Az\u0259rbaycan qeyri-neft iqtisadiyyat\u0131n\u0131 kifay\u0259t q\u0259d\u0259r g\u00fccl\u0259ndir\u0259 bil\u0259c\u0259kmi?<\/p>\n\n\n

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\n\tPutinin nefti, Bak\u0131n\u0131n zavodu: A\u0130-nin sanksiyalar\u0131 Az\u0259rbaycan\u0131 h\u0259d\u0259f\u0259 al\u0131r\n<\/h2>\n\n

\n SOCAR-a aid STAR zavodu vasit\u0259si il\u0259 Avropaya ged\u0259n neft k\u0259m\u0259rl\u0259rinin k\u0259silm\u0259si A\u0130-nin \u0259sas prioritetidir.\n<\/p>\n <\/a>\n <\/div>\n

\n
\n \n \"A\u0130-nin\n <\/a>\n<\/figure>\n <\/div>\n <\/div>\n<\/article>\n\n\n\n

Az\u0259rbaycan valyuta ehtiyatlar\u0131<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Art\u0131m neft-qaz sektorundak\u0131 z\u0259ifl\u0259m\u0259, ixrac\u0131n daralmas\u0131 v\u0259 SOFAZ-\u0131n birba\u015fa neft-qaz g\u0259lirl\u0259rinin azalmas\u0131 fonunda ba\u015f verib.<\/p>\n","protected":false},"author":60,"featured_media":105235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27,17,22,4043,3,25,50,49],"tags":[],"formation":[],"post-author":[2888],"topic":[4951,4952,4953],"tooltip":[],"city":[6041],"class_list":["post-105231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ermnistan","category-azrbaycan","category-iqtisadiyyat","category-explainer","category-gurcustan","category-cmiyyt","category-xbrlr","category-srh","post-author-jamnews","topic-ermnistan","topic-azrbaycan","topic-gurcustan","city-baki"],"acf":[],"yoast_head":"\nAz\u0259rbaycan valyuta ehtiyatlar\u0131 - JAMnews<\/title>\n<meta name=\"description\" content=\"Az\u0259rbaycan valyuta ehtiyatlar\u0131. 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