Conservative Strategic Currency Reserves Management Enables Azerbaijan to Protect Them from Financial Crisis
Azerbaijan, Baku, 24 October / Trend , corr. I.Khalilova /"The National Bank of Azerbaijan (NBA) and State Oil Fund of Azerbaijan (SOFAZ) take preventive measures and will introduce the most conservative model. Therefore there is no danger of losing of incomes from currency reserve management," Elman Rustamov, NBA Chairman of the Board, said.
"The conservative model envisages placement of funds in central banks of leading countries and international finance institutes with state status," Rustamov said.
Rustamov did not exclude that the current situation would lead to decline of incomes due to cut of rates in the world financial system, as well as changes of institutional organization.
The main goal of the reserve management is yield and to keep them. Therefore NBA and SOFAZ transformed to the most conservative management model to provide maximum security.
Official currency reserves under NBA have went up by 35.4% and touched $5438.6mln since early of the year. Azerbaijan's strategic currency reserves exceed $17bln.
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