Press Review 08/25/2016

The activity of the Heydar Aliyev Foundation, the expectations of devaluation, secret bank loans, and the overall condition of the banking system are the leading topics of today's press.

The official newspaper Azerbaijan has published an article on the activities of the Heydar Aliyev Foundation. The author believes that Heydar Aliyev won the people's love for the creation of political and ideological basis in accordance with the historical heritage and tradition. The Fund has become the hope for millions of people.

 The article refers to the directions and priorities of the Fund's activities, including charity, promoting scientific development, communication with foreign education centers, religious tolerance and multiculturalism.

 The author quotes the head of the Foundation Mehriban Aliyeva that ‘unfortunately, charity and volunteering have not yet received a massive scale in Azerbaijan.’

Azadlig cites the opinion of an expert Samir Aliyev about the probability of new devaluation. The expert notes that the uncertainty regarding the further fate of the manat is felt even in the echelons of power.

 In June-August, AZN lost 9% of its value, which is called a soft devaluation. Banks are facing dollar deficit, and outflow of currency from the country is observed. The importation is much less than usual.

  For 7 months of this year a foreign trade deficit of 167 million USD was formed. Compared to 2015, the oil exports reduced by 30%. By the end of the year the dollar will cost AZN 1.80, the expert said.

"Echo" published an article titled "Azerbaijan employers secretly take out loans to employees of the names." No one can be sure that his name is not issued consumer credit. Often, borrowers remain in ignorance, as employers to repay the loan, and only isolated cases of resurfacing. What if your document and not a loan you took on it? As a rule, the court took the side of the victims, of course, if the latter can prove innocence.

"New time" also publishes material about the banks' problems.

All this year's distrust of domestic banks, including the Central Bank, only grew.

expert Akram Hasanov said in an interview with Turan said that holding deposit auctions, the Central Bank aims for a short time to withdraw from circulation excess reserves AZN available from commercial banks.

"In other words, the central bank does not want the money flowed to the currency market and used for the purchase of the dollar. Banks are given to understand that if you have extra money, let us at interest, but do not buy the dollar. " The expert notes that each bank needs and Manat stock is to cover running costs and to pay depositors.