Decline of dollarization will be possible after restoration of confidence in manat, Director of the International Monetary Fund's (IMF) Middle East and Central Asia Department Jihad Azour said at the press conference.
“For decline of dollarization, it’s needed several measures. First of all, it’s needed strong macroeconomic frame, low budget deficit, high currency reserves of Central Bank. The population should believe that their incomes from deposits in manat will not be less than incomes from deposits in foreign currency. I’m informed that the deposits are fully insured in the country. Dedollarization will also strengthen the banking system. Therefore, the restructuring should continue in the banking system in order to ensure stability of banks”, he added.
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