Press Review 08/23/2016

The results of the performance of the Azerbaijani team in Rio, arrests related to the so-called Gulen supporters and apartment renting business are the leading topics of today's press.

The official newspaper Azerbaijan writes about the success of the Azerbaijani team at the Olympic Games in Rio, which ended on August 22. Among the 207 participating countries and the 87 medal winning countries Azerbaijan took the 15^th place, becoming the leader among the Turkic countries and the countries of the Caucasus, the newspaper said.

In comparison with the previous Olympics, the Azerbaijani team in Rio achieved great results. The Azerbaijani flag in Rio rose 18 times, reports the newspaper.

Azadlig calls absurd statements of the authorities that the opposition is associated with Gulen supporters. The article analyzes the factors that caused the three-month arrest of the Director for distribution of the newspaper, Faig Amirov.

The former MP Gultekin Hajibeyli and the General of Justice Vidadi Mirkamal, regarding the persecution of the opposition, believe that such an accusation is ridiculous and illogical.

The film director Eldeniz Guliyev believes that these arrests are connected with the forthcoming referendum. The same opinion is shared by Ibrahim Ibrahimli.

Echo has published an article titled Profitable Property Becomes Unprofitable. Buying real estate has long been popular among people who want to earn money to invest in real estate, buying it for rent. It has long been a profitable business decision, but now it is not. Now it is better to forget about buying an apartment for subsequent lease.  Before the crisis, this business brought about 6-7% per year, excluding the property maintenance costs, but now the yield dropped to 4-5%.

Potential buyers who want to earn on housing rental have taken a wait. The purchase of real estate has been postponed until better times, because it is not profitable to lease it out.

Novoye Vremya has published an article about the shortage of currency. After five months of manat stability it is shaken again. Queues have appeared at banks, wanting to buy dollars and euros, and the "black market" has briskly pulled away from the bank rates and establishes its own. This trend in the Azerbaijani currency market has interested many of the world media. The demand for dollars in Azerbaijan in recent months has outstripped the supply by more than ten times, and such a high demand for foreign currency will continue in the near future, say experts interviewed by Bloomberg.

The reason is the outflow of capital. Even a significant influx of Arab tourists to Azerbaijan does not meet the country’s needs for dollars.

Banks began to refuse of their foreign liabilities. This means they need foreign currency. If you look at the payment balance of Azerbaijan, you will see that more currency leaves the country than comes to it.