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The Central Bank of Azerbaijan (CBA) is not interested in taking the dedollarization process in banks' deposit portfolios to its full conclusion, meaning it does not aim for all deposits to be placed entirely in manats, CBA Governor Taleh Kazimov said at a press conference on Tuesday, according to Report.
Kazimov stated that by the end of 2025 the share of foreign currency deposits held by resident individuals stood at around 28%, which is 2.6 percentage points lower compared to the end of 2024.
"Our target is 20–25%, and we want the dedollarization process to continue, but we do not want it to go all the way," he said, noting that the economy still has demand for loans denominated in foreign currency.
According to Kazimov, the current share of foreign currency loans in the economy is about 14%, reflecting ongoing needs in this segment.
He also emphasized that there is no problem with dollar liquidity in the banking sector at present, adding that when funds of legal entities are included, the overall level of dollarization reaches 41%.
Kazimov explained that an additional 27% share of dollar funds has been invested in foreign securities, and noted that the regulator requires banks to issue foreign currency loans only to individuals and companies with income in the same currency or to provide hedged and insured loans.
He added that if demand for foreign currency loans in the real sector increases, banks' appetite to attract more dollar-denominated deposits is also likely to grow, stressing that such a situation is already being observed.
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