Exchange offices in Azerbaijan violated requirements of Central Bank

Capital exchangers exceeded the allowable margin by 7-10 times artificially

Baku. 23 February. REPORT.AZ/ Exchange offices of a number of commercial banks in Azerbaijan have violated the requirements of the Central Bank (CBA) margin in the process of determining the course of buying and selling currencies.

Report informs, at many exchange points in Baku dollars bought from the population at the rate of 0,85-0,90 AZN / USD. Although, according to the regulations of the CBA, the allowable margin is +/- 2%.I.e course purchase and sale of foreign currency can be a maximum of 2% above or below the official exchange rate (purchase - at least 1,029 AZN / USD, sale - a maximum of 1,071 AZN / USD).In fact, exchange offices exceeded the allowable margin of 7-10 times and have purchased at 14-19% lower than the official rate.

Report informs, appropriate measures will be taken against those violating the requirements in the Central Bank.

This morning some currency exchange offices and branches of Mugan Bank to buy dollars from the population at the rate of 0,85 AZN / USD,justifying their actions with the official request of the head office.

A number of metropolitan exchange offices stopped buying currencies and in some cases selling as well.

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