Elman Rustamov calms citizens

Central Bank of Azerbaijan (CBA) has instructed commercial banks to establish without any interference, all conditions for investors wishing to convert their savings from manats to foreign currency, said the Chairman of the Central Bank of Azerbaijan Elman Rustamov in the state television (AzTV), APA reports citing "APA-Economics"

 

"Bank deposits of Azerbaijani population equivalents $ 7 billion manats. Half of this amount is represented in the national currency, the rest - in foreign currency. In the last 2 months we have seen a certain process of dollarization. Growth was only 4%. Our advice and guidance to banks lies in the fact that investors who wish to convert their savings from manats to foreign currency, they had all the conditions without any interference. Any citizen who wishes to do so (to exchange for foreign currency deposit-ed.), has every right to convert. Today, banks are doing ... Today we see that the interest rates on deposits in foreign currency gradually approaching the interest rates provided in the national currency. This is correct in the current environment", said Rustamov.