National Bank of Azerbaijan Eager to Increase Issue of Short-term Notes to Sterilize Money Mass in 2007

The National Bank of Azerbaijan (NBA) intends to intensify a control over money mass in 2007 through the expansion of the issue of short-term notes. The General Director of the NBA, Avtandil Babayev, informed Trend that next year it is expected to see considerable rise in the amount of issue of these securities.

At present the National Bank of Azerbaijan has formed the portfolio of notes in the amount of 75mln manats, whereas the portfolio of short-term T-bills of the Finances Ministry amounts to 50mln manats.

According to the General Director, in compliance with the current situation the amount of securities is regarded as more adequate.

By the end of the year, the definite growth of the portfolio is allowed with the consideration of parameters of the monetary program and it is planned to increase the amount of notes to 80-90mln manats. The interference into the currency market and new manat emission continues, which necessitates active involvement in the securities market for sterilization, Babayev said.

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