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Proposal: 5% of SOFAZ assets should be placed in national currency

Javanshir Abdullayev: The market should be opened to foreign investment

Baku. 26 May. REPORT.AZ/ 5%of assets of the State Oil Fund of Azerbaijan Republic (SOFAZ) recommended to keep in national currency. This recommendation is reflected in the package of proposal of the Association of Banks of Azerbaijan submitted to the government to increase the level of liquidity in the banking system.

Report informs, Director of the Azerbaijan Bank Training Center (ABTC) Javanshir Abdullayev said.

"In order to increase the liquidity of manat, market should be fully open to foreign investment. It will support the capitalization of banks and to attract additional liquidity, and will boost confidence in the banking sector.The market should be opened to foreign financial institutions, banks, institutional investors, so that they can take part in the capital of the banking sector. It is necessary to attract shareholders. This is the surest way to increase liquidity and confidence", said J. Abdullayev.

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