Elman Rustamov Again Promised to Prevent Surges of Manat (UPDATED)

The head of the Central Bank Elman Rustamov, speaking in parliament, said about the capability of CBA and the government to prevent surges of the manat and maintain macroeconomic stability.

At the same time, he acknowledged that the current rate of the manat is affected by the process of "dollarization", both under the influence of external factors "and the actions of speculators."

"However, the Central Bank, together with other government agencies, is able to maintain macroeconomic stability and to prevent surges of the manat," he said.

According to him, the demand for dollars is gradually reduced. So, 28 of the 35 banks invited by the Central Bank joined the latest auction.

He recalled that Ilham Aliyev instructed to increase cooperation with international financial institutions, including the IMF, the World Bank, and the Asian Development Bank. In particular, it is envisaged to attract financial resources under the ambitious program of structural reforms and to implement investment projects.  -06D-

2016 January 19 (Tuesday) 13:12:33

Five or six banks can be combined in Azerbaijan, the head of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters.

According to him, the banking system as a whole is stable. However, about 5-7 banks have problems with paying capacity. They are likely to be merged with larger financial and credit institutions. The depositors of these banks will not suffer assured Rustamov.

In Azerbaijan there are 43 banks, three of which had their licenses withdrawn last year.  -06D-