Elman Rustamov: "Azerbaijan has passed to the most conservative model of country's monetary reserves management"

He said the State oil fund and the National Bank undertook preventive measures to secure country's monetary reserves from the impact of the world economic crisis.

"We dislocate funds in the Central banks of the leading states of the world and international financial institutions, having a state status. This is naturally reducing their profitability, as most Central Banks have reduced their discount rates. But today the main task of the reserves management is not their profitability but their preservation. The National Bank and the State Oil Fund ensure maximal security of the reserves", said Rustamov.

He added that today it is difficult to estimate the level of profitability from dislocation of a part of the reserves.

It should be noted that the volume of country's monetary reserves makes $17 bln today.

/Day.Az/