TODAY.AZ / Business

National Bank's stake in market reaches 11%

08 February 2007 [10:40] - TODAY.AZ
The currency reserves of the National Bank of Azerbaijan is close to US $8bln, said Chairman of the management Board of the National Bank, Elman Rustamov.

He said US dollar is pushing Azeri manat in this case as the dollar-manat ratio on the market is getting to the benefit of dollar.

"This makes National Bank to be a key market player. If the bank's weight was not above 2%-3% on the currency market, this share is between 10% and 11% at present. National bank is neutralizing the pressure against Azeri manat. The sterilization beat US $1bln in 2006. We managed to rein manat's significantly strengthening," he said.

Rustamov noted the present 5%-stengthening is not risky.


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