FIMSA collects up to AZN 12 million from banks as membership fee - Economist


November 7, Fineko/abc.az. Expert economist Samir Aliyev has reacted to the comments made recently against the Financial Market Supervision Authority (FIMSA).

In private announcement for ABC.AZ he pointed out that FIMSA expressed a tougher position against banks than required.

He added that maybe in some cases FIMSA’s position would regulate the activities of banks in a certain period and in some periods would serve as protection from external shocks.

"But at the next stage it created problems for the banks' activities," Aliyev emphasized and noted that the emergence of problems in banks' work has had an impact on activity of bank customer entrepreneurs.

"I myself, as an entrepreneur rendering consulting services, already feel it in my work. We are talking about additional fees and a number of matters, such as transfer from account to account, transfer from card to card, withdrawal from card. Consequently, FIMSA has tightened the rules.

On the other hand, unlike the Central Bank, the Authority has switched to self-financing system and banks pay it both an annual membership fee and additional fees. For example, during the year FIMSA collects from banks AZN 12 million only as membership fees. And there are other costs and fees. Where do the funds given by banks come from? Of course, from loans. That is, banks automatically present the expenditures transferred to FIMSA as interests on loans."