AZERI BANKS TO DISCUSS RECENT вЂ�CURRENCY CRISISвЂ™
The Association of Azerbaijani Banks (AAB) will hold on Thursday evening a meeting in large to discuss actual issues, including the sharp drop in rates of US dollar in regard to the national currency manat last Sunday. Zakir Nuriyev, the head of the AAB, told Trend that during the gathering they will reveal the reasons causing it in order to prevent its repetition in future," Nuriyev noted.
According to Nuriyev, at the moment the US dollar has been consolidated in the market. "The developments of the last weekend were the fact, but not the economic dynamic. Today there is no necessity for applying administrative measures to regulate the rates of the U.S. dollar, as its drop id not have economic grounds, but was a result of speculative operations,вЂќ Nuriyev underscored
He supported the idea by the NBA on imposing sanctions on the exchange places that carried out the speculative operations.
In his turn Kamran Nazirli, the spokesman for the National Bank of Azerbaijan, said that Elman Rustamov, the chairman of the Managing Board of the NBA, will defend the rights of people who suffered during the exchange of US dollar at groundless rates. The citizens are only required to produce the checks received from thee exchange place.
Some independent experts note that the situation could occur only on weekend, when the bank did not work. Some exchange places attempted to contact to the management if the banks which they are subordinated to, but they failed. There was a long pause during which the dollar was sold at low rates.