Central Bank: Reduction of foreign exchange reserves shouldn't be a serious concern

Baku. 2 October. REPORT.AZ/ Domestic market of Azerbaijan stabilized current demand for the currency.

Report informs, it was stated by Deputy Chairman of the Central Bank of Azerbaijan Republic, Khagani Abdullayev: "This year and next year we do not see the need for a sharp change in course and significant dollarization.Of course, if there are no major fluctuations in oil prices."

CBA representative noted that in August, the currency market was subjected to strong pressure, due to the psychological impact resulting from the devaluation of national currencies of neighboring countries.However, from mid-September the market has stabilized."

"To date, the Central Bank's currency reserves slightly exceeded 7 bln manats. There is no need for a strong dollarization.The main thing for us is safe storage of foreign exchange reserves of the Central Bank.The reduction in foreign exchange reserves of the CBA should not be a serious concern because central bank provides macroeconomic stability, mainly due to the exchange rate of manat, "- said K.Abdullayev.

He also noted that the proposal to expand mortgage lending have already been submitted to the CBAR, and currently under consideration.