World Crisis Not to Touch Azerbaijan’s Financial Market, Says Deputy Minister
Azerbaijan, Baku, 7 October / Trend corr. N.Ismayilova /"Serious and great risks due to the lasting world financial crisis will not touch the financial market in Azerbaijan," Niyazi Safarov, Deputy Economic Development Minister, said on 7 October.
"Circulation happening in financial markets, certainly, may reflect the economy in Azerbaijan. This is a global process and neither country can save itself from it, noted the Deputy Minister and said that every state including Azerbaijan carry out prevention measures.
The limits to issue consumer loans, introduced by Azerbaijani banks, will not become a reason for serious and big risks.
"Totally, Azerbaijani banks experience normal development process, and I do not think that they are capable to cause serious and great damage to our financial system. Large strategic currency stocks save financial market from risks. Unlikely this situation will become the reason for prices changes, it may lead only to short term increase in prices," said Safarov.
The strategic currency balance in Azerbaijan exceeds $15bln as for 1 October.
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