Elman Rustamov: 'Main task of Central Bank is to prevent sharp fluctation of manat'

Baku. 2 March. REPORT.AZ/ Decision of the Central Bank of Azerbaijan Republic (CBAR) on transition to a floating exchange rate has fully justified itself.

Report informs, CBAR Chairman Elman Rustamov told reporters: 'At present, main task of the Central Bank is to prevent sharp fluctuation of exchange rate of manat'.

E.Rustamov mentioned consolidation of commercial banks in the country has not completed yet: 'Consolidation process will be completed after the decision of the new chiefs.'

Chairman of the Central Bank said closed banks will defend themselves in courts: 'Two banks have sued our decision and we will defend ourselves in the trial through arguments'.

'Currently, three banks are in the process of consolidation. This is a very time-consuming process', CBAR Chairman said.