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Azerbaijan National Bank Cuts Rates

Business Materials 14 October 2008 15:55 (UTC +04:00)

Azerbaijan, Baku, 14 October / Trend /The Management Board of the National Bank of Azerbaijan (NBA) took a decision to cut the bank rates from 15% to 12%, as well as he up limit of percentage corridor from 20% to 17%. The changes come into force since 14 October.

The compulsory reservation norms on banking liabilities into the national and foreign currencies will be cut from 12% to 9%, and compulsory reservation norms on foreign liabilities will be cut from 55 to 0% since 3 November 2008.

The strategic currency reserves of the country have exceeded $17bln in 2008, and the joint foreign assets prevailed over the liabilities by $9bln, resulted in strengthening of Azerbaijan's position in the world economy. Strategic currency reserves in the country are over the total foreign debts in 1.7 times and provide international paying capacity.

NBA and the Government take preventive measures to provide reliable financial stability in the banking system and neutralize foreign risk factors. These steps are directed to increase the stability of the banking system in Azerbaijan under the global economic crisis.

On 14 October, the official currency rate is 0.8087 AZN/USD.

The correspondent can be contacted at: [email protected]

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