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​Bank of Baku may attract manat funds from Central Bank

Board Chairman: Our portfolio has enough manat mass to continue issuing loans in the national currency

Baku. 30 November. REPORT.AZ/ Bank of Baku OJSC has no plans to involve the Central Bank's manat resources in the near future.

Report was informed by Board Chairman Bank of Baku Abbas Ibrahimov: " Our portfolio has enough manat mass to continue issuing loans in the national currency. However, we can turn to the central bank again on the issue in 2016".

"Now there is no need for this. Our budget does not consider attracting additional funds from the central bank. The bank currently provides 95% of the loans in AZN," - said the chairman of the bank.

Ibragimov added that involvement of 40 million AZN from the Central Bank this year, - is just a swap operation, "We have placed dollars in the Central Bank and in attracted manat sources to provide liquidity. The central bank pursued a policy of buying dollars for manat. Other banks also benefited from these operations."

The President also said that uniting branches is not expected.

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