14:54 - 17.09.2019

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September 17, Fineko/abc.az. Leading banks buy foreign currency at a lower rate and sell it at a higher rate, ABC.AZ website reports with reference to expert economist Vugar Bayramov, commenting on the difference between the purchase and sale prices of foreign currency at bank currency exchange points.

He noted that the difference in the conversion of funds, especially on accounts, is even greater, and the process must be immediately intervened.

“In fact, it is necessary to intervene in this process on the part of the Chamber for Supervision of Financial Markets and the Central Bank, because companies that have accounts with leading banks lose significant funds precisely because of the difference in conversion. In particular, statistics show that leading banks have a big difference between the purchase rate and the selling rate. The conversion rate is absolutely far from the market rate. And in the end, this leads to the fact that commercial banks receive income from the use of artificial conversion rates. An entrepreneur, an individual, even a citizen, the percentages of such a conversion are practically lost, so intervention in this process is necessary,” said Vugar Bayramov.

Posted by Elmir Murad