IMF: "Impact of global financial crisis will be minimal on Azerbaijan"

The global financial crisis impact will be minimal on Azerbaijan, said IMF representative for Azerbaijan Koba Gvenitadze at a conference on "The World Financial Crisis and its Impact on Azerbaijan" organized by the Azerbaijan Banks Association.

"First, the integration of Azerbaijan’s financial and banking systems into the global financial system is low. Second, Azerbaijan has enough foreign exchange reserves, considering the oil revenues. Third, National Bank of Azerbaijan has all the mechanisms to resolve emerging problems with liquidity in the banking sector," he added.

He hailed the central bank’s decision to lower refinancing rates as one of the important steps.

He also noted that it is unknown when the crisis will draw to a close.

/APA/