Sharifov: Panic in Currency Market Passed

Azerbaijan has a need for external borrowing, but there is no acute need for this, Finance Minister Samir Sharifov said in an interview with AzTV. He did not confirm the Western media about the plans of Baku to borrow 4 billion dollars from the IMF and the World Bank.

According to him, it comes to providing the IMF's technical assistance to activities in the economic sphere. "We consider it useful to consult with international experts. It is for this reason that the missions of the ADB, the World Bank and the IMF are visiting Baku," said Sharifov.

He pointed to the absence of a need to “attract loans urgently.”

At the same time he admitted that "if necessary," Azerbaijan can turn for loans. However, today there is no acute need for this, "because the country's strategic currency reserves are high enough.”

As of January 1, 2016, the State Oil Fund assets amounted to 34.74 billion dollars, down 6.38 percent compared to the beginning of last year (37.1 billion dollars).

Foreign exchange reserves of the Central Bank at the beginning of the year amounted to 5 billion 016.7 million dollars against the 8 billion 741.6 million at the beginning of 2015 (down 63.5 percent)

Sharifov also reported the stabilization of the situation in the currency market of Azerbaijan.

"The panic, which was observed on the market in early January, has decreased and as a result of the measures taken the situation has stabilized. The transition to a floating exchange rate took place and the AZN exchange rate is decreasing. However, at some point it may become more expensive. From now on, the demand will depend on the supply," Sharifov said. -06D—