Baku, Azerbaijan, May 30
By Anvar Mammadov – Trend:
The situation around the restructuring of foreign debt of the International Bank of Azerbaijan (IBA) will not affect the stability of Azerbaijani manat’s rate, Elman Rustamov, head of the Central Bank of Azerbaijan, told reporters in Baku May 30.
“The plan of the IBA’s restructuring was agreed with [Azerbaijan’s] Financial Stability Board,” he noted.
The Azerbaijani manat has strengthened by 4 percent from early 2017 and by 11 percent since reaching its worst indicator, according to Rustamov.
Earlier, the IBA commenced a process of voluntary debt restructuring as part of its rehabilitation.
The bank’s total debt to foreign creditors is $3.3 billion.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks.