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World Bank: Azerbaijan is better prepared for the global financial crisis

World Bank: Azerbaijan is better prepared for the global financial crisis

28 November 2008 15:55 (UTC +04:00)

Baku. Ilhama Isabalayeva - APA-Economics. â€œAt the present it would be too early to talk about any assistance from the World Bank or International Monetary Fund to Azerbaijan in connection with the global financial crisis. There is no need now,â€ said Gregory Jedrzejczak, Head of the World Bankâ€™s Office in Baku.
He noted that Azerbaijan is better prepared for the global financial crisis compared with other transition economies.
He attributed this to low international borrowings of Azerbaijani banks.
In addition, the central bank is conducting a cautious policy to reduce the foreign currency risks of commercial banks.
According to him, the National Bank of Azerbaijan and State Oil Fund has sufficient reserves to refinance debts.

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