Azerbaijan preparing banking sector aid program (UPDATE)
Details added (first version posted on 14:04)
Baku, Azerbaijan, Jan. 19
By Azad Hasanli - Trend:
The Central Bank of Azerbaijan together with the government is preparing a large-scale aid program to banking sector, the chairman of the bank Elman Rustamov told reporters Jan.19.
"We have planned a number of activities together with the government," he said. "Besides other things, they include full deposit insurance, as well as the consolidation program and so on."
He said that the ban on foreign currency exchange outside the banking branches and offices was also one of such measures.
He said that the Central Bank of Azerbaijan and SOFAZ began to hold auctions to meet the needs of population in currency.
Rustamov went on to add that the Central Bank of Azerbaijan and the government plan to take serious measures to prevent major changes of the exchange rate.
In addition, he noted that the bank was instructed to strengthen cooperation with international financial institutions such as the International Monetary Fund, World Bank and Asian Development Bank.
He said that Azerbaijan has sufficient foreign exchange reserves, however, the funds raised from international financial organizations may be used to finance investment programs and so on.