Expert Urges to Investigate Reasons for Sharp Jumps of USD

There is a need for investigation by the Financial Markets Supervision Authority (FIMSA) of sharp jumps of the dollar in February, according to the Chairman of the Center for Economic and Social Development Vugar Bayramov.

On his page on Facebook the economist said that in many developed countries in such cases the regulator conducts an investigation to determine the presence of speculative interventions.

"In case such interference is detected, these banks are subject to sanctions, up to the cancellation of the license," he said.

Bayramov said the dramatic changes in the rate of the national currency led to unintended income. In his opinion, such sudden changes in the currency exchange rate are not beneficial either to the public or to the business. Business needs stable currency.

“The investigation of FIMSA about the spike in the exchange rate is important to prevent such speculative interventions in the future,” Bayramov said.

It should be noted that the depreciation of the manat began in the middle of October 2016. It slowed sharply in early February and began a reverse process.

So, from October 17, 2016 to February 1, 2017 the dollar appreciated from AZN 1.5969 up to AZN 1.92, and then fell sharply. From February 2 to 16 the US currency fell by 19 kopecks to AZN 1.7296.

From February 17 slowly began the depreciation of the manat. On February 22 the dollar was AZN 1.7447.    ----71D