Central Bank: No instruction was given to banks not to give loans in manat

  24 April 2015    Read: 1020
Central Bank: No instruction was given to banks not to give loans in manat
Central Bank of Azerbaijan has not given any instruction to bank not to give loans in manat, Alim Guliyev, the First Deputy Governor of the CBA said at the meeting of Economic Policy Committee of Azerbaijani Parliament while answering questions of MPs Vahid Ahmadov and Ali Masimli “Why do the banks give loans in USD?”.

Guliyev said that currently, dollarization process is underway due to devaluation: “Today, banks’ resources are in dollar due to population exchange their savings to dollar. Banks offer loans in dollar to reduce risks. However, they cannot force clients to get loans in dollar”.

He noted that the CB carries out certain works on dollarization: “Central Bank opened a window and is trying to meet the need of banks for manat. This aims to support lending in manat”.

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