Azerbaijani Central Bank does not announce the volume of currency offered on a particular auction, which in itself is a wrong approach to the case, says the economist Natig Jafarli.
In an interview with Turan the expert noted that the issue is of public interest, and concealment of data enhances the excitement.
Note that the Central Bank and the State Oil Fund after each auction reported the volume of currency supply. However, since October, the Central Bank changed the rules of the auction, according to which the amount of foreign currency supply in the auction is not advertised.
"Concealment of information has a negative effect on the situation. Unlike that, in Russia and Kazakhstan this information is open," he said.
According to another change, on the days of the auction the rate is determined based on prices formed at the last session and the agreements reached between the banks on the interbank foreign exchange market.
In practice it turned out that the exchange rate declared by the Central Bank exceeds the price of the currency set at auction.
The economist Samir Aliyev said the Central Bank in September due to the planned referendum restrained the manat too much and now is trying to catch up and devalue the national currency.
"This explains that on the days of the auction the AZN rate announced by the Central Bank is lower than the rate generated by the auction," he said.
It should be noted that the State Oil Fund announced the sale of USD 371 million on the currency auction in October, whereas in September the volume of the proposed currency amounted to 850 million dollars, of which $ 631 million was sold.
In September CBA offered at auction 300 million dollars, of which it sold $ 100 million.
According to the rules of auctions in October, commercial banks also have the right to sell foreign currency. However, due to the fact that the data are not made public, there are no data on the volume of currency supply on their part. ---71B
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