The head of the Central Bank of Azerbaijan said that all restrictions are for the benefit of the citizens during the nine months of this year, the volume of transfers from card to card (card to card) in Azerbaijan amounted to 48 billion manats. Last year, the total volume of such transactions reached 66 billion manats. This is what the chairman of the Central Bank of Azerbaijan (CBA) Talakh Kazimov said at a press conference dedicated to the decision on the monetary policy. According to him, in light of the significant volume of transactions and the risks of using transfers of this type for illegal purposes, the banks have introduced restrictions on card-to-card transactions. The head of the bureau noted that customers who need to exceed the established limits of 20,000 manat per month and five money transfer transactions per day can contact the bank and explain the nature of their activity. Based on justified requests, the limits can be increased. A similar approach applies to receiving an additional card within the same card product. Talakh Kazimov emphasized that the purpose of these requirements is not to create obstacles to legitimate transactions, but to prevent risks of tax evasion and other illegal activities. According to him, there are cases where some individuals, for a fee, issue bank cards in the name of the elderly and pensioners, and then use them in illegal activities. There are also cases where one person receives several cards as part of one card product and divides the transaction cycle between them. The head of the CBA also addressed concerns regarding a possible transition of transactions from the banking system to cash circulation after the introduction of restrictions. He noted that observations do not confirm such a transition, and the volume of cash withdrawals in September decreased compared to August. Haymin.az Contact us.

The head of the Central Bank of Azerbaijan said that all restrictions are for the benefit of the citizens during the nine months of this year, the volume of transfers from card to card (card to card) in Azerbaijan amounted to 48 billion manats. Last year, the total volume of such transactions reached 66 billion manats. This is what the chairman of the Central Bank of Azerbaijan (CBA) Talakh Kazimov said at a press conference dedicated to the decision on the monetary policy. According to him, in light of the significant volume of transactions and the risks of using transfers of this type for illegal purposes, the banks have introduced restrictions on card-to-card transactions. The head of the bureau noted that customers who need to exceed the established limits of 20,000 manat per month and five money transfer transactions per day can contact the bank and explain the nature of their activity. Based on justified requests, the limits can be increased. A similar approach applies to receiving an additional card within the same card product. Talakh Kazimov emphasized that the purpose of these requirements is not to create obstacles to legitimate transactions, but to prevent risks of tax evasion and other illegal activities. According to him, there are cases where some individuals, for a fee, issue bank cards in the name of the elderly and pensioners, and then use them in illegal activities. There are also cases where one person receives several cards as part of one card product and divides the transaction cycle between them. The head of the CBA also addressed concerns regarding a possible transition of transactions from the banking system to cash circulation after the introduction of restrictions. He noted that observations do not confirm such a transition, and the volume of cash withdrawals in September decreased compared to August. Haymin.az Contact us.