Elman Rustamov: “Currently, we do not think about using strategic foreign exchange reserves

Elman Rustamov: “Currently, we do not think about using strategic foreign exchange reserves
  • Clock-gray 13:50
  • calendar-gray 11 March 2020

“Today we do not think on use of strategic currency reserves yet”, Chairman of the Central Bank of Republic of Azerbaijan (CBA) Elman Rustamov told journalists regarding effects of sharp decrease in oil prices on national currency.

According to the CBA Chairman, Azerbaijan has enough currency reserves: “We have enough current reserves. Transfers of the State Oil Fund do not change. The CBA has its own reserves. As well as the Ministry of Finance has significant reserves. We will use all reserves fully. I suppose that problem will end earlier than we expected. However we should not forget that we have strategic currency reserves. We call on our people to help us in order to solve the problem more quickly."

Remind that total currency reserves of the country is more than USD 52 bln., as well as CBA’s currency reserves is more than USD 6.4 bln.

Narmin Rahimova

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