Street in the centre of Baku. Photo by Aziz Karimov for the ‘Caucasian Knot’.

09 January 2016, 13:35

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’.

Author: Faik Medzhid Source: CK correspondent

All news
НАСТОЯЩИЙ МАТЕРИАЛ (ИНФОРМАЦИЯ) ПРОИЗВЕДЕН И РАСПРОСТРАНЕН ИНОСТРАННЫМ АГЕНТОМ ООО “МЕМО”, ЛИБО КАСАЕТСЯ ДЕЯТЕЛЬНОСТИ ИНОСТРАННОГО АГЕНТА ООО “МЕМО”.

February 21, 2025 22:22

February 21, 2025 21:10

February 20, 2025 23:59

  • In Chechnya, sending to war is method to punish drivers

    Chechen law enforcers are monitoring social networks and reveal violators of traffic rules, who may face both public reprimand and sending to the special military operation (SMO) zone. The effect of talks with law enforcers is caused by fear of the consequences, human rights defenders have noted.

February 20, 2025 23:55

  • Zarema Musaeva's arrest extended

    A court in Grozny has extended Zarema Musaeva's arrest until March 26 under a criminal case on disrupting the work of a penal colony. Meanwhile, her sentence under the first criminal case was due to terminate on March 23, the "Team against Torture" (TaT)* has informed.

February 20, 2025 23:15

News archive
Пн
Вт
Ср
Чт
Пт
Сб
Вс
27
28
29
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
1
2