Fears of Currency Devaluation in Azerbaijan

Panic and fear of devaluation start in Baku over lack of cash dollars in exchange offices

Azerbaijan’s commercial sector plunges into panic because of work failure of domestic banks’ exchange offices.

One of the businessmen says that US dollars have disappeared from sale in exchange offices.

“These offices’ workers link that with the fact that the State Oil Fund of Azerbaijan has ceased currency exchange since yesterday and foreign currency flowed to the market precisely at the expense of its finances,” the businessman said.

As a result, commercial sector cannot exchange even $10,000 and dipped into expectations of national currency devaluation and panic.

Read More Here: http://abc.az/eng/news_28_07_2009_37077.html