To the pocket of depositors

The country's leadership did not dare to disturb the foreign exchange funds of  oligarchs abroad  due to low oil prices, and used the tested method - "kicked" pockets of small savers. Now Aliyev family will be able to prepare for the EuroGames - 2015, showing the world the level of hospitality (though the world does not need it), but it will be done against the background of the curses of all population groups. According to experts, bankers have lost up to 10% of investors and 30% of revenue, and consumer price inflation has already reached 35%, eating allowances to state employees, including pensioners and socially vulnerable citizens.

Last Saturday (in order to lessen the  reaction of population) the  CBA devalued the national currency by 33.5% against the US dollar and 30.0% against the euro amid falling oil prices and the economic crisis in Russia, although the country's leadership not admits, referring to the low level of attachment to the Russian economy. New rate is 1.05 manat per dollar and 1.19 per euro, against 0.78 manat per dollar and 0.89 per euro on Friday. According to the official version, the "decision was made to maintain the diversification of the economy of Azerbaijan, strengthen its export potential ... and ensure the sustainability of the balance of payments." But even according to official figures, oil and oil products, along with gas, make up 91% of exports from Azerbaijan, in addition, they account for three-quarters of the state budget revenues. Does  it mean that the "unparalleled" government in the coming months plan to diversify its export portfolio?

 The CBA  began to prepare the population to events even on February 16  provocatively  abandoning binding manat to the US dollar,  and began using a  dollar and euro basket for  controlling the national currency which came under pressure from falling oil prices and the crisis in Russia. Chief financial regulator in December and mid-February  actively sold the currency to protect manat. In January this year it's foreign exchange reserves declined by $ 1 billion  - up to $ 12.68 billion, and last  December, on the protection of manat  were spent nearly $ 1.13 billion.

According to representatives of the Central Bank, almost all funds were used to convert bank accounts from manat to  dollar and  euro.

According to analysts, the stated purpose of the national authorities (to ensure economic growth at 4.4%) was not supported by actual performance against the backdrop of budget projections, based on world prices of $ 90 per barrel. Today Brent oil is sold at  $60 a barrel. --17D-