Azerbaijan, Baku / corr. Trend I.Khalilova / The National Bank of Azerbaijan (NBA) does not consider it expedient to make pre-term repayment for the credits of the International Monitory Fund (IMF), said the Chairman of NBA Executive Board, Elman Rustamov.
Of the gross credits in amount of $514obtained from IMF, presently $118 mln has not been repaid. The NBA repaid $398 mln to the IMF at the expense of its own resources.
"Due to the existence of the currency reserves in amount of $2.2 bln, we can make pre-term repayment for the remaining part, but the IMF credits are very cheap resources and the interest rates for them equal 1.13% per year. However, the revenues from the management of these resources is 5.1%," Rustamov said.
Over the recent period, generally the NBA has gained $50 mln from the management of the currency reserves and as a result of 2007, this figure is expected to exceed $100 mln.