Central Bank of Azerbaijan Does Not Comment on Situation with Foreign Exchange Deficit

The situation with the sale of foreign currency by commercial banks of Azerbaijan remains tense.

According to Turan, from the end of last week, several banks completely stopped the sale of currency, or imposed a hard limit on it.

A survey of banks conducted by the first day of September showed that the situation is not normal. So, Bank Respublika, Bank Standard and Bank Silk Way absolutely do not sell foreign currency. Capital Bank, Access Bank and the International Bank of Azerbaijan have set a limit of 100 dollars / euro in one hand and Azer Turk Bank reported that with respect to the limit on the purchase of the dollar information can be obtained from the cash office only. Pasha Bank reported that currency is sold only to its customers.

It is noteworthy that the relevant state public financial institutions do not respond to the problem with deficit of the dollar in commercial banks and to the panic arisen in connection with that among the population.

Thus, the Central Bank did not respond to Turan’s request about the situation with the currency shortage and the planned measures to improve the situation.

A source in the Financial Markets Supervision House indicated they cannot intervene in the commercial policy of banks, and their mandate is to monitor the compliance with the 4% margin.

The source also noted they do not see panic among the population due to the refusal of the majority of commercial banks to sell foreign currency. -73B-