Lawyers and economists call Azerbaijan’s foreign currency exchange limits illegal

Jafarli fears this will lead to devaluation. “A country that imposes such a ban will sink, the national currency will be devalued, and investors will flee the country. We have an unparalleled abnormal system, the exchange rate is set by decree, so foreign investors are bypassing the country. All this happens because of such meaningless decisions.”

According to Natig Jafarli, the decision pushes citizens to find other ways of exchanging cash. “For example, if I meet my limit, I will take the ID card of my brother, sister, neighbor, friend and exchange it through them. If this is not possible, I will buy a fake ID. Such illogical decisions [such as the ban] will revive the black market. Attempts to maintain the exchange rate of the Manat with such decisions are a complete fiasco, and, on the contrary, will lead to the reverse effect.”

Banks contacted by Meydan TV said that a request should be sent to the Central Bank regarding the ban.

“We are interested in exchanging currency in the foreign exchange market. Our policy on the foreign exchange market is liberal. At present, there is a surplus, not a deficit in the foreign exchange market”, said Central Bank Chairman Elman Rustamov, not commenting further.

For the time being, that means Aygun Mammadova and other Azerbaijanis like her will have to either refrain from exchanging into USD, or resort to other measures.

*Name changed upon request for privacy.


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