Price for insurance services in Azerbaijan unaffected by manat rate change
Baku, Azerbaijan, Apr. 6
By Azad Hasanli - Trend:
Adjustment of the manat rate did not cause a rise in price of insurance services in Azerbaijan, the head of State Insurance Supervision Service under the Ministry of Finance of Azerbaijan Namiq Khalilov told reporters Apr.6.
At the same time, he said that the devaluation did not affect the financial stability of insurance companies existing in the country.
"Liabilities, insurance reserves, assets, as well as payments made by insurance companies are carried out in manats," he said. "Therefore, the change of the national currency rate has not created currency risks for insurance companies."
In accordance with the decision of the Central Bank, starting from February 21, 2015, exchange rate of the Azerbaijani manat (AZN) against the US dollar was reduced to 1.05 manat per dollar (compared to 0.7844 manat earlier), which corresponds to the cheapening of rate by 33.9 percent.
The official exchange rate on April 6 is 1, 0487 AZN / USD.
There are 27 insurance companies and one reinsurance company in Azerbaijan.
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