Central Bank: Situation with exchange market in Azerbaijan stabilizes

The situation in the exchange market of Azerbaijan has stabilized, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said. 

Rustamov made the statement at a press conference, dedicated to the revocation of the licenses of NBC Bank and AGBank.

The chairman noted that the rate of the Azerbaijani manat remains stable and the pressure of low oil prices in March has been completely eliminated, adding that the important steps for monetary stability are also being taken.

The CBA’s chairman noted that the average inflation for January-April was three percent, completely falling into the target framework of the CBA, and it is expected that it will remain in the target framework until the end of 2020.

Rustamov also said that the loan portfolio in the country's banking sector increased by 1.9 percent.


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