The authorities should clarify the gold reserve, Neymat Aliyev

Baku / 05.08.17 / Turan: Azerbaijan has sold all the gold reserves. This news broke out on Thursday like a bolt from the blue. According to the information of the World Gold Council, this happened in February this year, and for half a year Azerbaijan sold the last 18 tons of gold reserves, and therefore did not get a place in the rating of world countries for official gold reserves.

In January, the country ranked 63 in this list. The council also said that Azerbaijan began selling gold reserves since September 2016. In March, the State Oil Fund denied information on the sale of gold, and said that the volume of gold purchased by the State Oil Fund is 30.2 tons: "The gold bought was brought to Azerbaijan and placed in the Central Bank. Since last year to store gold it was transferred by parts from the treasury of the IBA to the treasury of the State Oil Fund. At the moment, the Fund does not provide for the sale of gold. " As in March this time, the Foundation also denied information on the sale of the "gold" reserve, but did not comment on the reasons for the appearance of such information and the country's absence in the "gold" rating.

Following the news of the sale of the gold reserve, information appeared on the increase in the Central Bank's foreign exchange reserves to 5 033.1 million US dollars. Compared to the beginning of the year, the currency reserves of the regulator increased by $ 1,058.7 million or 26.6%, and on an annualized basis - by $ 870.2 million or 20.9%. After this news, immediately rumors spread that the money gained for the sold gold migrated to the treasury of the Central Bank.

According to expert economist Neymat Aliyev, officials should explain the current situation and react to information on the sale of gold: "In reserve, the State Oil Fund had more than 30 tons of gold, which according to information began to sell since September last year. I think that there is a great need for an official response to this news. Let them explain the reasons for the appearance of such information. In my opinion, information on the sale of gold reserves may be true. Because corruption is widespread throughout the country, which has ruined the financial and banking sector. Most of the powers are involved in the transfer of large funds to offshore accounts abroad. If the news of the sale of gold reserves is correct, then the reasons must be sought in this. "

The expert also noted that the country's economy is on the verge of collapse: "The economy is in such a terrible situation, which we did not expect. It's no secret that pensions and salaries are paid late. The country's salary fund compared to last year's indicators fell by 18%. If to add to this increase in prices, it turns out that the standard of living in the country has decreased by 32%. Why did it happen? Again, the corruption that reigns in the country is to blame. "

Aliyev denied the possibility that the money raised from the sale of gold went to increase the currency reserves of the Central Bank: "Foreign reserves have not grown so much. 30 tons of gold cost more than a billion dollars. Secondly, nowhere in the world the sold gold reserves of the oil fund are used to increase the reserves of the Central Bank. I do not think that even our authorities will do this for the sake of showing off.

According to the economist, the sale of all gold reserves will be a big blow to the country's economy: "This will instantly attract the attention of foreign investors who will think 100 times before investing in the falling Azerbaijani economy. These gold reserves played a big role in preserving the country's economic reputation. Who will now believe the appeals of the authorities about investing in Azerbaijani projects, even if this news is not true? This will cause great damage to the country's economy," N.Aliyev said.