“First, the integration of Azerbaijan’s financial and banking systems into the global financial system is low. Second, Azerbaijan has enough foreign exchange reserves, considering the oil revenues. Third, National Bank of Azerbaijan has all the mechanisms to resolve emerging problems with liquidity in the banking sector,†he added.
He hailed the central bank’s decision to lower refinancing rates as one of the important steps.
He also noted that it is unknown hen the crisis will draw to a close.
Koba Gvenitadze: Global financial crisis impact will be minimal on Azerbaijan
10 December 2008 14:30 (UTC +04:00)
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