Exchangers Trade in USD More Passively

In exchange offices from February 16, there is a shortage of currency, mainly US dollars. In the wake of the CBA introduction of the currency basket a surge of financial crisis has been triggered at the household level.

According to the observations of Turan, small banks are also experiencing difficulties, even with cash manat. CBA has yet remained silent on the background of activation of depositors transforming financial savings during the devaluation of the national currency into US dollars or, less, into euros. For this reason, banks have been forced to violate the regulations on foreign exchange exposure, and some banks have even launched a campaign to attract USD deposits at high interest rates, which is contrary to the CBA instructions. Bankers are not stopped even by possible penalties from the regulator.

In response to the CBA decision to move to two-currency basket the banking market has decided to hold dollars in anticipation of further devaluation of the manat. The second day in a row manat has become cheaper by 0.05 kopecks. --17D-