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CBA: 6B manats removed from circulation in 2016 (UPDATE)

Business Materials 6 December 2016 17:53
The Central Bank of Azerbaijan (CBA) removed 6 billion manats from circulation in 2016

Headline changed, details added (first version posted at 14:10)

Baku, Azerbaijan, Dec. 6

By Azad Hasanli – Trend:

The Central Bank of Azerbaijan (CBA) removed 6 billion manats from circulation in 2016, said the CBA Chairman Elman Rustamov.

He made the remarks at a plenary session of the Azerbaijani parliament in Baku Dec. 6 in discussions on the draft state budget and the concept of socio-economic development for 2017 and the next three years.

“This year we continued sterilization, that is removing currency from circulation through deposit operations and issuance of short-term notes,” Rustamov said.

He explained that in February 2016, in accordance with the floating exchange rate regime, the CBA minimized its participation in the foreign exchange market, while the Azerbaijani State Oil Fund ensured transparency of foreign exchange auctions.

He added that the monetary base was taken under strict joint control of the CBA and other state bodies. The CBA chairman noted that the monetary base has risen by 11 percent since early 2016.

Maintaining financial stability in Azerbaijan was the main factor contributing to the monetary base growth, he said.

Azerbaijan’s economy is resistant to the global crises, added the CBA head.

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