Baku, Azerbaijan, Feb.14
By Ilaha Mammadli, Azad Hasanli - Trend:
VTB Bank (Azerbaijan) JSC is ready to return to an active use of ruble funds on the local market, the chairman of the Management Board of VTB Bank (Azerbaijan) Yuri Yakovlev said Feb.13 at a briefing.
"The process of stabilization of the ruble is being completed," he said. "The ruble has hit its lowest level and is now beginning to grow slowly, and the resources will be more accessible at the lowering of rates. I think we will again return to the active use of ruble resources on the local market."
In August-September 2014, the bank began offering products in rubles to customers (both legal and natural persons), according to Yakovlev.
"To our surprise, the results were very good, and less than within two months we have provided ruble loans worth more than $27 million," said the chairman of the bank, adding that Azerbaijani business is represented in many regions of Russia. "Demand for bank products in rubles in Azerbaijan is high enough. This is primarily due to the good corporate ties of Azerbaijani business with Russia."
He said that the countries conduct an active trading, for example, Azerbaijan imports Russian machinery construction products. Most of Azerbaijani companies are interested to get the funds for the purchase of Russian goods, according to Yakovlev.
At the same time, Yakovlev said that after a sharp drop of the ruble exchange rate and increase of the refinancing rate of the Central Bank of Russia, bank products in rubles in Azerbaijan became less competitive.
VTB Bank (Azerbaijan) JSC is a subsidiary of VTB Bank JSC. Shareholders of VTB Bank (Azerbaijan) JSC are: VTB Bank JSC and AtaHolding JSC. VTB Bank (Azerbaijan) JSC provides services to clients of corporate business, small business and private clients. Today, the bank is represented by 12 branches and the Office of customer service at the head office.
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