A slight strengthening of the manat on the last days has two reasons - economic and political, says economist Natig Jafarli.
On his profile on Facebook, Jafarli noted that the International Bank of Azerbaijan (IBA), having enormous foreign debts, acquired the bulk of the currency proposed by the State Oil Fund at auctions.
“The State Oil Fund, violating the principle of competition among the local banks, placed a deposit of 1 billion USD in IBA. IBA temporarily satisfied its need for foreign currency and its participation in the auction decreased,” he wrote.
Referring to political reasons, the expert stressed that presidential elections are expected and if they are scheduled for the near future, the authorities will not allow reduction in the value of AZN and the national currency may even strengthen to 1.55.
“In general, the strengthening of AZN is not related to any sustainable economic cause,” Jafarli said. -----71D
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