Bank Of Baku

Azerbaijan moves to the most conservative scenario in the management of foreign exchange reserves

Azerbaijan moves to the most conservative scenario in the management of foreign exchange reserves
# 11 November 2008 16:17 (UTC +04:00)
Baku. Rashad Suleymanov - APA-Economics. Due to the world economic crisis, the National Bank of Azerbaijan (NBA) has made changes in strategy for the management of foreign exchange reserves.
Elman Rustamov, Chairman of National Bank of Azerbaijan, said the changes are not related to the profitability but to maintenance of foreign exchange reserves.
“In this regard, we have shifted to the most conservative scenario. Our foreign exchange reserves are held and managed by the central banks of advanced countries as well as in reliable financial institutions like the World Bank,” he added.
He said Azerbaijan will earn $150 million from the management of foreign exchange reserves this year.
“This is not a bad figure against the backdrop of losses in the world,” he noted.
According to latest figures, Azerbaijan’s strategic currency reserves reached $18.2 billion.
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