Last update: March 29, 2024 01:04

Newsroom logo

Azerbaijan Makes Arrest for Illegal Sale of Foreign Currencies

By Nazrin Gadimova December 15, 2016

None

Eight individuals were detained in the Azerbaijan cities of Baku and Sumgait on Wednesday, December 14th, while attempting to illegally sell U.S. dollars, according to a statement released by the Ministry of the Interior.

The ministry indicated that three citizens of Azerbaijan, Elnur Akperov, Farkhad Magerramov and Vusal Mikailov, were arrested in Baku while trying to sell $52,000 at a cost of 96,200 Azerbaijani manats (AZN). Moreover, the law enforcement officials found an additional amount of $13,920. Another five lawbreakers were arrested in Sumgait, according to the statement. All of these incidents remain under investigation.

According to the head of Azerbaijan’s Central Bank, Elmar Rustamov, “there is a large imbalance between supply and demand at the local market. The bank stopped selling its funds in the foreign exchange as of February 2016, given the national currency’s fluctuations.

Previously, the head of the State Security Service, Lieutenant General Madat Guliyev, said that Azerbaijan is carrying out a mass investigation aimed at preventing black market activities.