NBA Specific Gravity in Currency Market of Azerbaijan Increased up to 10-11%

Business Materials 7 February 2007 16:57 (UTC +04:00)

Due to the measures on sterilization of the superfluous money mass, the specific gravity of the National Bank of Azerbaijan (NBA) in the currency market increased up to 10-11% as a result of 2006, Trend reports.

The NBA Chairman, Elman Rustamov, said on February 7 that earlier the share of the NBA in this market was 2-3%. According to him, the amount of the currency market of Azerbaijan in 2006 reached $8 bln. Azerbaijan has high-profitable payment balance, but irrespective of the creation of the effective mechanism such as State Oil Fund of Azerbaijan to accumulate the oil revenues, part of them already enters into the currency market, Rustamov said.

Such situation puts serious pressure on the course of the Azeri manat and as a result the NBA transforms into significant player. We liquidate the superfluous pressure on the market and as a result of last year, the amount of sterilization of the dollar money mass equaled $1 bln, he said.