Central Bank Finds Guilty of AZN Devaluation

The fall of the manat was provoked by the commercial banks of Azerbaijan. This conclusion was made by the Central Bank of Azerbaijan, arguing that private financial institutions twice (in November and in January this year) provoked a mass conversion of accounts - from AZN mainly to USD.

According to statistics, during this period the rates of return on foreign currency deposits was more than 0.6% higher than the rates on manat deposits. In November, the gap was + 0.57% in favor of foreign currency, in January it was + 0.64%, which allegedly contributed to the activity of investors.

According to experts of Turan, CBA is misleading the public, since the motion of the finance from AZN to USD and partly EUR began because of long-term decline of stock prices of oil, as well as absence of an exchange market tied to the international specialized entities in Azerbaijan. --17D-

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