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Elman Rustamov: Gold price rise is in Azerbaijanâ€™s favour

Elman Rustamov: Gold price rise is in Azerbaijanâ€™s favour

21 October 2009 10:19 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Azerbaijan is not seriously affected by the increasing gold price against a backdrop of dipping U.S. dollar on the world markets, said Elman Rustamov, Chairman of the Central Bank of Azerbaijan.

â€Azerbaijanâ€™s foreign exchange reserves are well insured against these effects. We have diversified the currency basket. The rise in gold price is a natural trend because investors turn to gold when the greenback starts to drop. However, rising gold prices are in our favor as Azerbaijan is starting to export gold to world markets,â€ he added. .

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