In a significant financial move, the government of Azerbaijan has repurchased securities (Eurobonds) worth $900 million in the first quarter of 2023, according to Samir Nasirov, the Director of the Statistics Department at the Central Bank of Azerbaijan (CBA), according to Report.

This buyback represents 39.35% of the total volume of outstanding Eurobonds.

Nasirov explained that the repurchase was triggered by the maturity of securities in this volume and serves to reduce the country’s external debt.

The CBA reported a deficit of $1.6 billion in the balance of capital and financial movements.

Nasirov attributed this deficit to the fulfillment of financial obligations by enterprises and organizations operating within the country.