Gubad Ibadoglu: Decision of Central Bank Demonstrates Preparations for Devaluation

Baku / 22.06.20 / Turan: The decision of the Central Bank to tighten the rules for the purchase of foreign currency by the population openly demonstrates preparations for devaluation. So says the economist Gubad Ibadoglu.

“At the same time, the Central Bank is now blocking the outflow of currency during the post-pandemic. This decision will prevent the attraction of foreign investment and will interfere with the expected amnesty of capital and property. Naturally, the Central Bank helps the black market with its decision,” said Gubad Ibadoglu.

In his opinion, this decision was not prepared for economic gain, but was in keeping with the political interests of the authorities.

“The main goal is to identify the currency that has remained outside the borders of their banks, attract them to taxes and control the owners of the currency. Again, here politics is ahead of the economy. With these steps, they will drown the economy,” Gubad Ibadoglu said.

Recall that the Central Bank tightened the rules for the purchase of the population of dollars in commercial banks.

According to the instructions sent by the Central Bank to commercial banks, from now on those who buy more than $ 500 are required to provide information about themselves, about the source of the funds by which the currency is bought and the direction where it will be spent.

 In case of purchase of foreign currency equivalent to more than 20 thousand manat, this person will fall under the control of the Financial Monitoring Service. A citizen must provide a document indicating the sources of these funds. If he cannot indicate the source, then this person falls into the category of taxpayers at 14%. –71D-