Global Financial Crisis Has No Effect on Azerbaijan Economy: NBA

Global Financial Crisis Has No Effect on Azerbaijan Economy: NBA

Azerbaijan, Baku, 24 October / Trend corr. I.Khalilova/ Azerbaijan's strategic currency reserves twofold exceed the foreign debts, therefore there is no fundamental reasons for the global financial crisis to affect the economy of the country, Chairman of the National Bank of Azerbaijan Elman Rustamov said on 24 October.

"Financial sector in all countries around the world is experiencing liquidity, however the foreign liquidity of Azerbaijan now exceeds $17bln and the country's foreign debt, including private sector liabilities, is below $8bln," said Rustamov.

According to Rustamov, in recent years Azerbaijan has been demonstrating high growth rates, the financial situation in the country is stable and the sufficient reserves prevent the crisis from covering the economy of the country. Situation in every bank is also clear for the NBA on the microlevel, where banking system makes up 90% of the financial sector.

"Foreign debts of the banks, which are now about $2bln, may arouse the only issue in the banking sector," said Rustamov.

Half of the foreign debts are of the semi-state International Bank of Azerbaijan (IBA) and the remaining part of private banks. According to Rustamov, there is no problem with paying off the debts, because every bank has an acquittance schedule.

The main thing is that the Government and the NBA seriously think of that and are conducting consultations.

"In case a threat occurs, the Government will make its presence felt and will provide adequate assistance. Therefore, bank stockholders, depositors and creditors may feel easy. In spite of the rumours, country's banking sector demonstrates stability and growth of financial indices. We will do our utmost to make the global crisis pass by Azerbaijan," he said.

On 24 October, exchange rate totalled 0.8111 AZN/USD. 

The correspondent can be contacted at [email protected]

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