Samir Sharifov on Situation in Currency Market, Bonds and Credits

In order to stabilize the situation in the currency market and involve money resources of the population in the turnover, the government of Azerbaijan intends to issue government bonds in the near future. This was stated by the Minister of Finance Samir Sharifov in an interview with ANS TV.

According to him, the interest on the bonds in manats will be above the level of inflation and amount to approximately 11-12 percent per annum. Dollar bonds will be less profitable and will constitute three per cent per annum.

The Minister of Finance spoke optimistically about the national currency and suggested that, in connection with buying USD en masse by the population in the past year, in the near future a reverse process will begin and the demand for manats will increase.

However, Sharifov said nothing encouraging for people who have taken loans in dollars.
 
He made it clear that the state does not intend to provide any compensation to the borrowers due to the devaluation and the issue should be resolved between the banks and the customers. According to Sharifov, banks lended at high interest rates in the recent years and can now meet the interests of their customers due to their own excess profits. It is so, especially because the government fully insured deposits of the population and supported the banks in this way, the minister emphasized. -06D--