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Azerbaijani banks fully cover population's demand in foreign currency

Apr 16, 2018 (TREND News Agency via COMTEX) --

Baku, Azerbaijan, April 16

By Anvar Mammadov - Trend:

Today, there are no macroeconomic, financial or other factors in Azerbaijan that could lead to reduction of the manat rate, Zakir Nuriyev, head of the Azerbaijan Banks Association, told Trend on April 16.

"Macroeconomic indicators of the first quarter of 2018, as well as the volume of gold and foreign exchange reserves of the Central Bank of Azerbaijan (CBA) confirm the lack of fundamental factors for cheapening of the national currency in Azerbaijan. CBA Chairman Elman Rustamov also announced this during his latest speech," Nuriyev said.

He noted that oil prices, which are one of the main factors affecting the manat rate, are also stable today.

"We all know that the oil price is one of the factors that can affect the manat rate. Today, everyone can be sure that the oil price fluctuates around $70. Presently, the manat rate is stable and there are no external prerequisites that could influence it," Nuriyev said.

Today, banks also operate as usual, he said.

"The population's demand in foreign currency is completely covered. The offer even exceeds demand in some banks, which makes it clear that today there are no prerequisites for appreciation of the foreign currency in the country," he said.

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