Bank Of Baku

National Bank of Azerbaijan assesses total external debts

National Bank of Azerbaijan assesses total external debts
# 06 November 2008 16:09 (UTC +04:00)
Baku. Rashad Suleymanov - APA-Economics. National Bank of Azerbaijan has begun assessing the total external debt, including foreign debts owed by the private sector, said Elman Rustamov, Chairman of the Bank.
He noted that the country’s total external assets exceeded total foreign debt by 1.8 times.
“In such circumstances, a financial crisis is impossible in Azerbaijan,” he added.
Rustamov added that the central bank has taken precautionary measures to prevent external financial inflows after the developments in the banking sector of Kazakhstan.
Azerbaijan-based banks’ foreign debt obligations made about $2 billion, external debt $2.5 billion and foreign-exchange reserves $17 billion.
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THE OPERATION IS BEING PERFORMED