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
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review