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National Bank of Azerbaijan’s proceeds from the management of foreign exchange reserves to decline

National Bank of Azerbaijan’s proceeds from the management of foreign exchange reserves to decline

27 February 2009 17:11 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. The National Bank of Azerbaijan (NBA) received proceeds of $170 million from the management of foreign exchange reserves in 2008. However, this year the revenue is expected to decline significantly, said Elman Rustamov, the Chairman of the National Bank of Azerbaijan.
According to him, the main cause of reduction is the withdrawal of foreign exchange reserves from the foreign commercial banks and the withdrawal from these financial instruments for this year.
In his words, withdrawal of foreign currency reserves from foreign commercial banks are directly linked to the protection of foreign exchange reserves.
According to Ehim, after the recovery of the world’s financial stability, Azerbaijan will revert to cooperation with financial institutions.

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