15:19 - 21.02.2022
February 21, Fineko/abc.az. "It would be advisable for the Central Bank to establish new rules for currency conversion in accordance with the principles of liberal economy. Although the difference between the purchase and sale rates of foreign currencies, including dollars and euros, is minimized at exchange offices, the difference between conversion rates in banks remains noticeable."
ABC.AZ reports that Vugar Bayramov, a member of the Azerbaijani Parliament's Committee on Economic Policy, Industry & Entrepreneurship.
According to the MP, a number of banks that buy foreign currency, in particular the euro, for non-cash payments at a fairly low exchange rate, sell it at a higher one.
"A number of systemically important banks buy euro for 1.88 manats, and sell it for 1.95. When converting, this leads to loss of funds by businesses, especially individual entrepreneurs," the MP said.
Bayramov noted that, in fact, a large difference in conversion rates should be characterized as the use of systemically significant banks leading positions in the sector.
"The central bank should regulate this matter. It is advisable to establish new rules for currency conversion in accordance with the principles of liberal economy. Further strengthening of competition in the banking sector can also minimize such cases," the MP said.
