Chairman, National Bank Elman Rustamov of Azerbaijan

Earlier Elman Rustamov said that currently bi-currency basket consists of euro by 20% and US dollar by 80% and the share of currencies in the basket will be changed gradually.
The NBA Chairman Elman Rustamov said at present the Bank jointly with other state bodies is working on providing the Azerbaijan Mortgage Fund (AMF) activity with self-financing principles.
National Bank Chairman Elman Rustamov has argued that the re-denomination is intended to protect the manat against counterfeit bills, and to enhance the banknotes appearance.
Following the examples of Russia and Turkey, Rustamov said Azerbaijan had decided to re-denominate its currency while it was strong against the dollar.
Bank Chairman Elman Rustamov has promised that the NBA will make citizens losses good if they show the bank a receipt for exchange transactions made during the crisis.
Rustamov said it was supposed that the 5% would be granted to one of Azeri banks.
Rustamov denied the rumors that absolutely all companies in the country will go to such system of labor payment from 1 January 2002.
It will be up to the 16 banks Rustamov has effectively placed on the bubble to develop plans for staying solvent and valuable in this oil-rich but spending-poor country.
Rustamov said the public needed to get to know the new currency gradually and the old one should be retired gradually.
On the measure after discussions about the report Chairman of the Management Board of the National Bank, Elman Rustamov has addressed with concluding remarks.
1m as of 1st April 2003, NBA chairman Elman Rustamov has said, Turan News Agency reported.
Caption: National Bank of Azerbaijan head Elman Rustamov says the country does not need a stronger national currency at this time, because prices for 2004 were up 3.
Elman Rustamov said the programme is aimed at strengthening the Bank’s activity.