Black Market Revived

While the Central Bank and the State Oil Fund of Azerbaijan (SOFAZ) cannot meet the needs of commercial banks for currency, the "black market" for currency is being revived, local media reported.

Turan reported that on August 18 SOFAZ sold 50 million USD to 28 banks.

Despite the fact that the report of SOFAZ did not specify the real demand for currency, the media leaked information from banking circles that the record demand was registered on August 18 - 700 million dollars.

The fins.az portal announces that on August 19 at the "black market" USD was sold at the rate of 1.6850 – 1.6855 manat (official exchange rate for August 19 – 1 USD / 1.6204 AZN). The report also states that financial institutions themselves are a major supplier of currency to the "black market", and sellers are employees of the same banks.

Experts see the main reason for the prosperity of the "black market" in the closing of currency exchange offices, as well as in restrictions of the currency sale per person by banks.

It is noteworthy that in the sale of currency, each bank sets its own rules, limiting the sale of currency per person from 100 to 500 dollars / euros. -------75