Azerbaijan, Baku, May 6 / Trend , N.Ismaylova /
Since the beginning of 2009, the Central Bank of Azerbaijan (CBA) has carried out currency intervention at nearly one billion in the currency market of the country, said the chairman of the Central Bank Elman Rustamov.
"The Central Bank has spent around $1 billion not to maintain the stability of the manat rate, but the costs were associated with an increase in demand for dollar savings," said Rustamov.
He said that in order to stabilize the rate of the manat, currency funds are spent when there is deficit of payment balance, and in this case, funds are required for its financing.
"Today, the payment and trade balance of the country is deficit-free, and respectively, the currency reserves were used for the domestic purposes, since part of people wanted to change their manat accumulations into dollar, and we are responsible for the stability of the manat rate," said the Head of the Central Bank.
Today, he said, there is an influx of currency into the Central Bank, i.e. the population is convinced that the devaluation is not expected to start in the country again.
"Amongst the CIS and Baltic countries, devaluation occurred in 12, and of course, it had a psychological impact on the population of Azerbaijan, said Rustamov. - But today there is no reason to wait for a devaluation in the country."
He said that the national currency of Azerbaijan is one of the most stable in the region.
Official rate on May 6 is 0.8036 AZN/USD.
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