Commercial Banks Have Not Resumed Sale of Foreign Currency

Most commercial banks in Azerbaijan did not resume dollar selling on August 31. From the beginning of the week, many banks strictly limited the sale of foreign currency or stopped it.

SOFAZ almost every day sells the country's banks $ 50 million. However, currency shortage persists. Moreover, according to information from banking circles, banks’ demand for the US currency exceeds the supply by 10-12 times.

On August 31, Turan surveyed commercial banks which confirmed that they do not sell dollars and euros, without any explanation. Respublika, Silk Way and Standard reported that they do not have USD to sell.

Capital Bank and Access Bank said they sell $ 100 per person.

In Pasha Bank they noted that they only sell dollars to their customers.

The Head of the Economic Research Center Gubad Ibadoglu told Turan, commenting on the situation, he did not think the restrictions on the sale resulted from a centralized policy in relation to the expectation of devaluation.

‘I am sure that most of our commercial banks have not only long-term, but also short-term policy. Suspension of the sale of currency does not mean that they do not have dollars. Simply, they chose the easiest way to hedge against a possible devaluation,’ said Ibadoglu.

The expert rejected the possibility that banks could get some private information leaked from the Central Bank. ‘Such a leak is tantamount to high treason now,’ he said. -74B-