TODAY.AZ / Business

Chair of NBA Board held press-conference

18 March 2006 [09:33] - TODAY.AZ
The Chair of the Board of the National Bank of Azerbaijan (NBA) Elman Rustamov held a press-conference on the results of the last year.

As APA reports, Mr.Rustamov told the press that 2005 was a successful year for the banking sector. So, last year volume of credit investment in the republic increased by 45.6% to AZM 7.2 trillion: "Share of the private sector in credit investment composition was 80.1%. Long-term credits increased 82.8% in comparison with the previous year and share of long-term credits was 36.6%. Share of private banks in credit investment formed 45.3%. New credits in amount of AZM 11.4 trillion were distributed throughout the year and growth was 33%".

Mr.Rustamov said that 44 banks operated in the country by the beginning of this year and 2 of them were banks with state capital participation and 17 with foreign capital participation. He noted that 374 bank branches operated in the country by the beginning of the current year and it exceeds the same indicator of the beginning of the last year by 6.9%. 57.2% of bank branches fall to share of regions.

"NBA implements anti-inflation measures together with the government. So, under the anti-inflation measures last year the central bank carried out works aimed at acceleration of monetary policy, strengthening control on growth of money stock, and implementation of flexible exchange rate policy. The Bank sterilized inflation-generating part of money stock by means of its notes", - saying the NBA chair, reminded that in general, average annual inflation was 9.6% in 2005.

He added that last year official currency reserves in the country increased by 10% to approximately $1 billion. During that period volume of strategic currency reserves of the country totaled $2.4 billion: "Denomination has become effective in the country since January 1, 2006. AZM 30 billion in 2005 and additional AZM 100 billion (AZN 20 million) were provided in the state budget of 2006 for establishment of the mortgage crediting mechanism".

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