Baku. Musa Ahmadov - APA-Economics. “Central Bank’s currency reserves declined due to high dollarization”, Chairman of the Central Bank of Azerbaijan Elman Rustamov said during the discussion of 2016 state budget package at the plenary meeting of Azerbaijani Parliament.
According to him, CB currency reserves made $15 bln in 2014: “We had bought these reserves from domestic market. We bought dollar from domestic market in May-June for the first time after devaluation. In July, the dollarization raised again. For now, the level of dollarization is at the level as it was 10 years ago”.
He says current reserves make $7 bln and accord with the international norms.
He added that the issues on switching to quick exchange rate policy areserious being researched: “The process requires technical readiness and cold-blooded approach. We are holding discussions with the international organizations in this regard. Exchange rate of manat is set by oil price, balance of payment and currency policy of partner countries. It will be same in 2016 too. As it seems, the factors affecting the exchange rate are formed outside the country”.
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