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Next devaluation rumors in Azerbaijan unfounded (UPDATE)

Business Materials 7 January 2016 19:03 (UTC +04:00)
Rumors about the next devaluation in Azerbaijan are unfounded, said the country’s central bank (CBA) in a message issued Jan. 7.

Headline changed, details added (first version posted at 17:44)

Baku, Azerbaijan, Jan. 7

By Anvar Mammadov - Trend:

Rumors about the next devaluation in Azerbaijan are unfounded, said the country's central bank (CBA) in a message issued Jan. 7.

"The rate of manat [national currency] is based on supply and demand on the currency market, according to the new currency policy regime," read the message. "The CBA is involved in the market through the sale of foreign currency at auction."

The CBA also touched upon the changes in the currency exchange rules.

"According to the new rules, operations to exchange an amount over $500 require presenting an identity card," the message said. "There were such requirements earlier. The new rules reduced the limit from $5,000 to $500. The new requirements do not restrict the volume of currency transactions."

It was also noted that the banks fulfill duties to creditors, including to the population in accordance with the contractual terms and without any restrictions.

Moreover, the CBA is working on comprehensive measures to strengthen the financial stability of the banking sector, including improving the system for insurance of the population's deposits.

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