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Opening of currency exchanges won’t affect banks’ profits in Azerbaijan - ABA

2018-01-14 20:35 | | 3

Baku, Azerbaijan, Jan. 14

By Anvar Mammadov – Trend:

Opening of currency exchange offices by individuals and legal entities won’t affect the profit of banks in Azerbaijan, Zakir Nuriyev, chairman of the country’s Banks Association (ABA), told Trend Jan. 11.

He said that the decision to close the currency exchange offices, adopted by Azerbaijan’s Financial Market Supervisory Authority (FIMSA) in January 2016, slightly increased the profit of banks, but this increase was observed mainly in the period of some volatility in the market.

“Today the situation in the market is quite stable,” Nuriyev said. “Therefore, the profit of banks from currency exchange operations is not so significant.”

He added that banks, in addition to cash transactions on currency exchange, also conduct non-cash transactions, this is while currency exchange offices will not be able to provide such services.

“Currency exchange offices outside banks will be able to provide only cash transactions,” he said. “Besides, Azerbaijani legislation doesn’t imply depriving banks of the right to continue currency exchange operations.”

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