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The central bank ordered commercial banks in connection with full conversion of deposits

17 February 2015 21:42 (UTC +04:00)

Baku-APA-Economics. Central Bank of Azerbaijan (CBA) has instructed commercial banks to establish without any interference, all conditions for investors wishing to convert their savings from manats to foreign currency, said the Chairman of the Central Bank of Azerbaijan Elman Rustamov in the state television (AzTV), APA reports citing "APA-Economics"

"Bank deposits of Azerbaijani population equivalents $ 7 billion manats. Half of this amount is represented in the national currency, the rest - in foreign currency. In the last 2 months we have seen a certain process of dollarization. Growth was only 4%. Our advice and guidance to banks lies in the fact that investors who wish to convert their savings from manats to foreign currency, they had all the conditions without any interference. Any citizen who wishes to do so (to exchange for foreign currency deposit-ed.), has every right to convert. Today, banks are doing ... Today we see that the interest rates on deposits in foreign currency gradually approaching the interest rates provided in the national currency. This is correct in the current environment", said Rustamov.

The head of the Central Bank, referring to the banks recommended ensuring maximum transparency in the deposits of the population: "Banks should ensure that the conversion of deposits. We take very seriously observe the process. It is extremely gratifying is that the outflow of deposits from the banks of the population is not observed."

Chairman of the Central Bank of Azerbaijan on the situation in currency exchange offices noted the increased demand for cash.

Rustamov noted that all banks are fully secured by cash currency: "What currency wants - the personal choice of the people."