Azeri Banks Said to Limit FX Sales, Regulator Denies Policy Move
- Lenders tell people they can buy no more than $12,000
- Central bank said lenders follow own rules in ‘liberal’ market
This article is for subscribers only.
When Nasimi Pashayev tried to buy euros in Azerbaijan’s capital, Baku, to pay for his son’s education abroad, banks turned him down, citing what they said was a central bank cap on foreign-currency purchases.
While Pashayev’s experience mirrors social media and local news reports of Azerbaijanis running into the barrier and the same explanation at banks, the regulator denies imposing a restriction on buying more than the equivalent of 20,000 manat ($11,800) in foreign currency in total since March last year.