Financial market shows currency surplus rather than deficit - chairman of Azerbaijan's CBA
BAKU, Azerbaijan, Dec.23
By Elchin Mehdiyev - Trend:
The current year has been distinguished by the global fight against the COVID-19 pandemic and as a result the world economy shrank, the Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a meeting of Parliamentary Committee on Economic Policy, Industry and Entrepreneurship, Trend reports on Dec.23.
“According to forecasts, the world economy will continue to decline next year, which will subject economies of some countries to serious test”, noted Rustamov, adding that all the events have impacted Azerbaijan, but through taking immediate measures, macroeconomic stability in the country was ensured.
The head of the Central Bank pointed out that the strategic foreign exchange reserves of Azerbaijan are at the level of $50 billion, and the reserves of the CBA have grown by 3 percent.
As he also said, in 2021 the Azerbaijani economy will also adequately respond to the medium-term strategic challenges. The efficient use of all resources will ensure economic growth and the well-being of the country's citizens.
Concerning the rate of the national currency manat, he stressed that there are no dangers in this regard.
"The stability of currency reserves in Azerbaijan indicates that there is a surplus of currency in the market, rather than the deficit," concluded Rustamov.