BAKU, Azerbaijan, Dec. 14
By Nazrin Israfilova - Trend:
The share of the Turkish lira in the assets and liabilities of the Azerbaijani banking system is insignificant and therefore the change in the rate of the Turkish currency won’t affect the currency position of the Azerbaijani banking system, the Central Bank of Azerbaijan (CBA) told Trend.
According to the regulator, macroeconomic and financial stability is maintained in Azerbaijan.
"The rapid growth of non-oil exports and the balance of payments surplus, formed amid the favorable world oil prices, maintain the balance in the foreign exchange market. Improvement in expectations is accompanied by a decrease in dollarization,” the CBA said. “In these conditions, the depreciation of the Turkish lira doesn’t affect the ratio of supply and demand in the foreign exchange market and the manat rate against the US dollar. Changes in the rate of the Turkish lira don’t significantly impact inflation in Azerbaijan.”
Besides, the CBA noted that the depreciation of the Turkish lira may temporarily change its share in various bank transfers compared to other currencies.
"However, it’s not expected that changes in the geography of transfers or in the currency structure will have a significant impact on the financial system of Azerbaijan as a whole," added the Central Bank.
The Turkish lira has depreciated by almost three percent against the US dollar. Currency trading on December 13 opened at 13.81TL/1 USD. Then the rate rose to 14.18TL/1USD. The official exchange rate of the lira in relation to the Azerbaijani manat has decreased by another 0.5 percent on December 14 - to 8.1566TL/1AZN, which is a new historical minimum.