In 2006 NBA to develop sterilizing tools alone

Business Materials 22 April 2006 10:44 (UTC +04:00)

In 2006 National Bank of Azerbaijan is not going to develop any new tools of money-market. Trend reports quoting Elman Rustamov, head of Supervisory board of NBA, main efforts will be directed to current operations with acting tools. This plan is coordinated with the Ministry of Finance and incorporated in monetary program for the year 2006.

Rustamov said it was necessary to achieve the better performance at issuing short-term notes and state bonds. In this connection, conversations are currently being held between the State Treasury and National Bank.

As of April 19, amount of notes issued rose by 21.4% and made AZN 38mln, and that of state bonds AZN 14.5mln. NBA chairman said a significant increase in deployment of state bonds is expected by the end of the year as a result of sterilizing measures taken to prevent excessive cash flow and subsequent inflation.