Bank of Baku Paid Difference for Client Transactions on Devaluation Day

JSC Bank of Baku assumed the payment of the difference in currency, returning customers the full amount withheld for transactions between changes in exchange rates.

According to the information of the financial structure, clients were returned 2,581 transactions and were sent the appropriate SMS to their mobile numbers. Recall that in connection with the devaluation of the manat the rate on transactions with plastic cards in the international currency on February 21 was taken into account, respectively, on the date of the operation, as the calculations occurred on the course of the same day. "The bank, in turn, settled its deals with partners servicing trade outlets in the period of change in the currency, because of which the extra costs of cards happened. Given the numerous requests, the bank would like to clarify the situation," the information said.

The interpretation mentioned that under the terms of international payment cards the final calculation with a client is based on financial letters sent by banks serving outlets, and the exchange rate is taken into account, respectively, on the date of the letter. Despite the fact that the bank accepts the payment of the client on the day of the transaction, for the final calculation the bank expects a financial letter from the banks serving outlets. This letter is sent within 45 days, and the exchange rate is taken into account on the date of receipt of the letter. This is an international practice and operations on plastic cards of all banks are the same. --17D-