NBA advocates for greater hard currency role

Azerbaijan has so far pursued a careful policy with regard to its hard currency resources, but is now having to step up their role. For this, relevant analytical entities will be set up within the National Bank, NBA chairman Elman Rustamov told a presentation ceremony of the Bank-prepared strategic planning program Friday.

The ceremony was attended by representatives of international financial organizations. Mr. Rutsamov indicated that the National Bank is going to amend the system of licensing bank activities and the methodology of control over banks.

Admitting that “dollarization” of the economy has assumed extensive proportions, he said the struggle against the phenomenon was one of the challenges ahead.

Mr. Rustamov said the process of privatization of the banking system was delaying. According to him, denomination of the manat will be conducted in 2005. He said the strategic planning program was intended to turn the National Bank into a more flexible entity and to ensure its active participation in the macroeconomic policy of the country.