In Azerbaijan, central bank reserves fell to USD 10.96 bln at the end of December, down from USD 11.61 bln a year earlier. In the final three months of 2024, reserves declined by USD 836 mln, as the central bank was active in selling FX. Further, Turkey announced that Azerbaijani state oil company Socar will invest USD 7 bln in the country to establish a petrochemical facility, further strengthening ties between the two countries.