Azernews.Az

By Aynur Karimova

Azerbaijani banks have raised their maximum limits on the sale of foreign currencies at their foreign exchange offices starting August 27.

A survey conducted by Trend at banks showed that some lending institutions have increased their limit on the purchase of dollars from $2,000 to $5,000, while others began to exchange foreign currencies in unlimited volumes.

A representative of the Central Bank of Azerbaijan told Trend on August 26 that the CBA has not fixed any limits to the sale of foreign currencies on the country's banks.

"This is an internal decision of each bank," the CBA representative said.

Earlier the maximum for foreign currency purchases was set at $500, and those who wished to purchase greater amounts would need to provide an identity card.

A few days ago, the rate of the dollar at some banks was increased to 1.08 AZN / USD. However, the banks were forced to drop the exchange rate to 1.055 after instructions from the CBA.

The CBA keeps this issue under focus, carries out regular monitoring, and has set up a hotline to address these issues.

Economic processes taking place in the world, fluctuating oil prices, and the devaluation of the Chinese yuan by 4.6 percent in particular, has forced regional countries to depreciate their national currencies.

However, the exchange rate of manat, unlike the currencies of neighboring countries, is regulated by the CBA. Therefore, the situation in the financial markets of neighboring countries will not have a significant impact on the rate of the manat.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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