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Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions

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Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions

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Banks, lenders and currency exchange kiosks in Azerbaijan have started restricting foreign currency sales - U.S. dollars in particular - as the Azerbaijani manat continues to lose ground due to fears of further devaluation and declining oil prices.
The manat took a big nosedive on December 20, 2015, when the central bank decided to remove its dollar peg.
Earlier this year, the central bank tried to fight the shortage by imposing a limit on the amount of dollars banks could sell to their clients on a daily basis, which was set at $500. But as Reuters reports today, out of six banks interviewed; three banks in the capital city of Baku have suspended foreign currency transaction altogether; three banks only allow $100 a day per client.
Some Baku merchants like Akif Shukyurov - who regularly converts his manat denominated revenues to dollars in order to pay his suppliers - tells Reuters that he can't complete his transactions due to the extreme dollar shortage in the country.
The biggest supplier of dollars in the region is the sovereign wealth fund, Sofaz, which holds auctions twice a week, where $50 million is disbursed to banks.
Just like the inadequate and ineffective attempts by the Nigerian central bank to remedy the dollar shortage in Nigeria, the policies of the Azerbaijani central bank have also failed, despite multiple interest rate hikes this year.
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[News] Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions

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Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions

Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions submitted by besteurope to besteurope [link] [comments]

Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions

Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions submitted by KellyfromLeedsUK to BreakingNews24hr [link] [comments]

Azerbaijan's c.bank stops forex sales in commercial banks

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Azerbaijan's c.bank stops forex sales in commercial banks

Azerbaijan's c.bank stops forex sales in commercial banks submitted by besteurope to besteurope [link] [comments]

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