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Central Bank of Azerbaijan: Level of dollarization seriously decreases in Azerbaijan for 10 years

Business Materials 14 August 2012 20:39
The level of dollarization seriously decreased in Azerbaijan during the past ten years, the share of deposits in national currency has more than doubled, Central Bank of Azerbaijan said on Tuesday.
Central Bank of Azerbaijan: Level of dollarization seriously decreases in Azerbaijan for 10 years

Azerbaijan, Baku, Aug.14 /Trend I.Khalilova/

The level of dollarization seriously decreased in Azerbaijan during the past ten years, the share of deposits in national currency has more than doubled, Central Bank of Azerbaijan said on Tuesday.

"A lot of institutional reforms in the field of cash handling, upgrading and improving the quality of management systems were held over the past 20 years," the CBA stated.

Thus, the legal and institutional framework of cash management is brought into line with modern practice. During this period, the Treasury set up a modern infrastructure that meets the high standards of safety, levels of automation increased, business processes are built in accordance with international standards. The optimization of regional systems of governance in accordance with international experience is also held, regional and reserve centers meeting the modern standards are created.

"The Central Bank, along with meeting demands for cash, announced the "politics of pure money in circulation" and ensured the maintenance of the quality of the outstanding bank notes at a high level," the statement said.

In addition, the central bank intends in the near future to take a place among the advanced countries with the most effective management systems in all areas of the bank.

August 15 marks the 20th anniversary of the beginning of the issuance of national currency - manat, which is considered as the main attribute of the sovereignty of Azerbaijan after the restoration of state independence. Since January 2006, the country re-denominated manat (one new manat were equaled to 5000 manat).

"The Central Bank intends to ensure the implementation of the strategic challenge voiced by Azerbaijani President Ilham Aliyev:" I am confident that manat, as a strong currency, will play a role in solving economic and social issues of Azerbaijan in subsequent years," the CBA stated.

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