Trust Companies: From Unfulfilled Promises to the Need for Transparency in the Post-Economic Reform Era

In recent months, alongside fluctuations in the currency market, the issue of trust companies has once again attracted the attention of the public and economic experts. Trust companies, originally established as intermediaries for selling oil and returning foreign currency under sanctions, are now increasingly associated with terms such as “currency backlog,” “partial disclosure,” and “unfulfilled commitments.”

Although this topic has been discussed in media and parliament for a long time, its details remain unclear to the public, and mere statements by representatives are insufficient to address the growing concern over the fate of the country’s foreign currency resources.

Different figures provided by officials and representatives indicate the large scale of the problem, while no official source has clarified the obligations and the exact reasons for the non-return of these funds.

Trust Companies: From Sanctions Workarounds to a Corruption Bottleneck

Studies show that with intensified sanctions and the closure of official banking channels, using trust companies became an emergency solution for selling oil. However, the difference lies in how this mechanism is managed.

Why the Fate of Oil Revenues Is Tied to People’s Livelihoods

Economic experts believe that the delayed return of oil revenues is not just a number on the balance sheet. Every dollar that does not return to the official system reduces the Central Bank’s ability to stabilize the exchange rate, limits the supply of essential goods and medicines, and ultimately increases pressure on the public’s livelihood.

The Need for Transparency: Beyond Scattered Statements

What increases the importance of the trust companies’ issue today is the country’s position in the “post-economic reform” period. In these sensitive circumstances, any disruption in returning oil revenues can have irreversible effects on the people’s living standards and economic stability.

Scattered statements by parliamentarians, while important, are not sufficient to clarify all dimensions of the issue or restore public trust. Today, public demand focuses on full transparency regarding the number of violating trust companies, the exact amounts of unreturned currency, Central Bank oversight of agent banks, and, most importantly, the outcomes of judicial follow-ups on the case.