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CBA announces directions to spend AZN 7.5B to be transferred from SOFAZ
19 January 2017
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Planned transfer of about AZN 7.5 billion from SOFAZ to the Central Bank of Azerbaijan is a support by President Ilham Aliyev for macroeconomic stability, Deputy Governor of Central Bank of Azerbaijan Aftandil Babayev told.
“We have analyzed for a long period the factors of global balancing of bank jointly with related economic bodies within the Financial Stability Board. The most significant point among these factors is that the fund will be directed to external debts of the state for a year, financing of TANAP, normalization of IBA and regulation of external debts of the bank, as well as allocation of funds for Deposit Insurance Fund if needed. All these factors are intended for the fixed liabilities to neutralize the pressure on the currency market. This will create condition for formation of exchange rate without volatility and on the basis of market principles and”, he said.
