Banks refuse to sell dollars and euros (UPDATED-PHOTO)

On Thursday afternoon in Baku  it was almost impossible to buy legally dollars and euros anywhere. Azerturkbank stopped selling foreign currency because of the "the exhaustion of the daily limit." Those wishing to buy the currency will buy it  on 15 January. Pashabank sold dollars and euros only to customers of the bank.  In the Yapı Kredit there were no purchases or sales of foreign currency. Other banks bought dollars and euros, but did not sell. At the same time, neither commercial banks nor the Central Bank  give a clear explanation of the reasons for what is happening.  The CBA says that the infrastructure of the banks: the main offices, branches and offices across the country where thousands will ensure the needs of the population in the currency. But in fact  quite opposite is taking place, the currency cannot be purchased anywhere.

According to experts, the authorities simply decided to suspend the sale of foreign currency due to a sharp reduction in reserves of the CBA. With regard to the limited sales through Azerturkbank, this bank is controlled by the state, and it is easier to stop the outflow of dollars on the black market and abroad. In turn, commercial banks  do not have access to the resources of the CBA,  and are just waiting, and  do not spend  their foreign exchange reserves against the background of a further fall in prices for  oil.-16D—

2016 January 14 (Thursday) 12:13:22

AzerTurkBank has turned out to be the only bank that sells the public dollars and euros in Baku now. Although the country's central bank on Jan. 13 said that the places of purchase and sale of foreign currency, in addition to the commercial banks and their branches and offices, will include hotels and airports, as well as tourist facilities, which receive foreign guests.

With the increasing currency exchange transactions the Central Bank stopped the activities of exchange points for the effective and prompt regulation of commercial banks’ operations, to strengthen control over the operations and cost optimization," the Central Bank stated.

On January 14 from the early morning, hundreds of people lined up to buy the currency - not more than $ 500. According to an announcement on the website AzerTurkBank, buying dollars is arranged at the exchange rate 60 manats per 1 US dollar, and sales - at 1.6320. The euro is bought at 1.6850 AZN and sold at 1.7780 AZN.

"We came here at 6 o'clock in the morning and joined the queue. An employee of the bank took copies of our identity and gave a number," one of the people standing in line told Turan.

Police set up a barrier and allow people to enter in small groups.

No one explained why foreign currency is sold by only one bank in the metropolis with a population of over 2.5 million. How long it will last is unclear either.

Meanwhile, the "black market" in the area of the railway station has activated. The dollar is bought at the rate of 1.62 AZN per dollar and sold at 1.85 - 1.90 AZN. -02D-