Exchange offices and banks in Baku restrict currency sale

The decision of the Central Bank of Azerbaijan (CBA) to set a corridor of currency exchange rates at 4% has led to a mass suspension of currency exchange offices and commercial banks. People stand in lines at those, which continue working, the "Caucasian Knot" correspondent reports.

The "Caucasian Knot" has reported that on January 8 the CBA made a decision to restrict the above corridor of exchange rates to 4% from the official rate. The aim of the CBA was to reduce the number of speculative currency transactions. The decision took effect today.

On January 8, after the end of the working day, exchange offices closed. Today, in Samed Vurgun Street, considered an unofficial exchange centre of Baku, out of more than two dozens exchange offices, only two are working. The rest of them are closed; and the exchange rate tags removed.

Those that work buy one US dollar for 1.56 manats and sell for 1.626; one euro is bought for 1.68 manats and sold for 1.77, which is within the margin set by the CBA. However, transactions are restricted: one can buy no more than 500 dollars and 500 euros; therefore, queues appeared at the offices.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.