The stabilization of Azerbaijani manat’s exchange rate accelerated the process of de-dollarization in the country, Gunay Jalilova, head of the corporate banking department at AccessBank, told reporters in Baku.
Meanwhile, the main reasons for manat rate stabilization were the growth of oil prices to $50 per barrel and steps taken in the field of state regulation, according to her.
“We observe the growth of volume of deposits in manats. The stabilization of manat rate gives the opportunity to restore lending in national currency. Although low interest rates on loans in foreign currency make them more attractive,” she said.
In January-August 2017, the volume of individuals’ manat deposits in Azerbaijan reached a two-year high – 1,918.4 million manats, according to the country’s Central Bank.
(1.7003 AZN = 1$ on October 11)
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