No speculative sentiment in Azerbaijan due to falling ruble
Baku, Azerbaijan, Dec. 22
By Maksim Tsurkov - Trend:
Azerbaijan's Central Bank (CBA) doesn't plan to introduce any limits and restrictions in the currency market, including in the cash market, the CBA told Trend.
"Banks have sufficient amount of currency to meet the needs of the entire market without any restrictions," the CBA told Trend, commenting on the insufficiency of dollar supply in currency exchange offices in Baku.
The Head of the Azerbaijan Banks Association Eldar Ismayilov told Trend Dec. 19 that Azerbaijan so far has no need to introduce currency control due to the situation in Russia.
"I believe that the CBA is sufficiently sensitive to all the processes taking place in Russia and the CIS. I think there is no a clear need to introduce the currency control," Ismayilov said, commenting on the emergency currency control introduced by Belarus due to the situation with the Russian ruble.
On Dec. 19, the National Bank of Belarus temporarily imposed a 30-percent duty on the purchase of currency by population and companies.
The decision was taken due to an increased demand for foreign currency in the country, as well as on the basis of the economic situation in neighboring countries, primarily in Russia.
Ismayilov said Azerbaijan's economy has consolidated its advancing growth trend.
"Our economy strengthened as a growing one, therefore no danger of influence on it on the part of ruble is being observed. In addition, no speculative sentiment is observed in Azerbaijan. In my opinion, everything is going smoothly because businessmen and authorities, which manage money, are efficiently controlling the process," he added.
He further said the bidding restriction at the Baku Stock Exchange (BSE) for USD/RUB is the right decision.
"The Russian ruble today is very unpredictable. Therefore, there is necessity to take in relation to it certain measures, aimed at minimizing the risks. In this regard, the bidding restriction at the BSE is definitely the right decision," Ismayilov said.
Earlier, the BSE limited the admission of bids within the USD/RUB margin trading derivative instrument due to its low liquidity in the international markets.
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