Azerbaijani banks have restricted the sale of foreign currency

The largest banks in Baku on 19 and 20 August or completely stopped the sale of foreign currency without explanation or restricted transactions to the amount from $100 to 500 in hand, reported Bloomberg.

In particular, the sale of currency in the amount of $100 per person limited branch of Demir Bank on Nizami street in the center of Azerbaijani capital. The representative of the Bank told the Agency that the Bank had problems with satisfaction demand.

Selling currency is the prerogative of the banks and the regulator can not intervene in this process, told Bloomberg by phone Advisor to the Chairman of the Chamber’s oversight of the financial markets of Azerbaijan Rufat Abasov.

Restriction of sale of currency has spurred trade dollars on the black market, says Bloomberg. In particular, the Agency found near the metro station Nariman Narimanov moneychanger, selling $ 1.7 manat, while the official exchange rate set by the Bank of Azerbaijan amounted to AZN 1.62 per dollar.

In 2015, the Bank of Azerbaijan twice devalued the manat. After the transition to a floating exchange rate in December last year, the national currency of the country has weakened in half against the dollar. This year, the manat dropped against the U.S. currency in more than 7%. On Friday, August 19, he fell by 2.5% to 1.68 manat per dollar, and on Monday morning the dollar was worth 1.64 manat.