Central Bank Chairman: Euro-Depreciation not to affect Azerbaijan's currency reserves

Euro-Depreciation as a result of as a result of current events in Greece will not affect the strategic currency reserves of Azerbaijan, Central Bank of Azerbaijan (CBA) Chairman Elman Rustamov said.

"We constantly monitor the changes in exchange rates. Especially, it concerns the ratio of euro-dollar rate. It declined to 0.89 euros to $1 and rose to 1.6," Rustamov said.

According to him, at present, reverse process is observed.

"Our currency reserves are well diversified, as their currency, and geographical structure. We did not observe any loss, even in the worst crisis period," Rustamov said.

According to him, euro-depreciation is not serious, as the dollar's share exceeds the euro in Azerbaijan's currency reserves. This week the euro rate fell to the annual minimum, casting doubt on his status as a potential reserve currency.

Investors continue to sound the alarm about the financial situation in Greece, and other peripheral countries of the Euro zone, which negatively affects the rate of the single currency.


/Trend/