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BSTDB hopes to continue offering financing in Azerbaijan’s local currency

Finance Interview 16 January 2023 09:32
Baku, Azerbaijan Trend News Agency Leman Zeynalova
BSTDB hopes to continue offering financing in Azerbaijan’s local currency

The Black Sea Trade and Development Bank hopes to continue offering financing in Azerbaijan’s local currency, BSTDB President Serhat Köksal said in an exclusive interview with Trend.

"Financing in local currency is considered for any project that we are exploring in Azerbaijan to reduce currency risks in particular where the borrowers are exposed to such risks due to nature of their business and cash flows. We have experience in securing the local currency funding through the local capital market as well as working with local banks, and hope that this successful experience will help us to be able to continue offering financing in local currency," he explained.

BSTDB became the first multilateral development bank to issue a local currency bond in the country. The two-year bond for the amount of 10 million manat was placed on the Baku Stock Exchange on 1 August 2019. The BSTDB bond issuance in manat supports the program of the government of Azerbaijan for de-dollarization of the financial sector.

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