16:43 - 11.03.2020

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March 11, Fineko/abc.az. Amid growing demand for US dollars, the main responsibility for the agiotage lies on the banking sector regulator.

ABC.AZ reports that the relevant statement was made by expert economist Rovshan Agayev, when commenting on the situation with the rise in price of the US dollar.

The expert also put forward a proposal to resolve the situation: "In the days of ongoing panic, banks should be provided with the necessary amount of reserves. Be sure that if people don't see restrictions in banks, then the panic will disappear in 2 or 3 days at most. Then those who converted their money into dollars for everyday needs will return them back to banks, and the banks will return them to the Central Bank. Keep in mind that this is not 2015. At that time, there was an economy that tripled for past 10 years, where a huge amount of manats was collected on the basis of large oil money. If the exchange rate of 0.78 manat = 1 USD was maintained, the government would have money supply in manats, for which more than $50 billion of foreign exchange reserves could be purchased for a short time. Only these banks have accumulated a deposit in manats equivalent to $10 billion, but now this amount is $5 billion."

By Elmir Murad