Qulu İbrahimli

Qulu İbrahimli

Baku / 21.04.17 / Turan: Reduction of the official rate of the manat on February 2 this year to the lowest level (1.9200 AZN / USD), the rate increase by February 16 to 1.7296 AZN / USD (the highest mark of the exchange rate for the month) and a certain jump the next day (1.7352) is not an accident, but is a purposeful policy of the Central Bank, which is based on an attempt to solve the troubled debts of the International Bank of Azerbaijan (IBA). This opinion is shared by the independent economist Gulu Ibrahimli.

According to the expert, during two weeks of a sharp decline and appreciation of the national currency, “another issue of IBA problem loans was transferred to NBCO Agrarkredit.” “On February 2, the toxic assets of the bank in foreign currency were assessed at a high dollar rate, so that CBA transferred more funds to IBA in manat terms. On February 15-16, the State Oil Fund carried out a currency transfer to CBA, which was paid to IBA. The rise in the manat rate was aimed at enabling the bank to receive more dollars,” Ibrahimli said.

The expert calls the current official regime regulating the exchange rate of the national currency the “exchange rate regime with the IBA syndrome”. The Central Bank in late 2016 announced a full transfer to the “floating rate” of the national currency.

Ibrahimli believes there is a direct link between the devaluation of the manat in February 2015 and the “problem” of IBA. In his opinion, the implementation of the manat issue against the multibillion-dollar troubled loans of IBA tore the sensitive balance of the Central Bank and many processes in the country's economy directly or indirectly depend on the improvement of IBA. ------08D

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