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Azer Turk Bank to indemnify its plastic cards holders

Azer Turk Bank to indemnify its plastic cards holders

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Date: 28 December 2015 14:22

Baku, Azerbaijan, Dec. 28

By Anvar Mammadov – Trend:

Azer Turk Bank OJSC is ready to cover the damage, which plastic cards owners of the bank may face as a result of change of the manat (AZN) exchange rate, the company said Dec.28.

The Central Bank of Azerbaijan switched to the floating rate of the national currency (manat) from Dec.21, 2015. As a result, the exchange rate of the US dollar and euro to manat rose by 47.6 percent and 47.9 percent and stood at 1.55 manats and 1.685 manats, respectively on the mentioned day.

“The rate of the Central Bank of Azerbaijan as of December 18 will be applied when withdrawing funds from foreign currency transactions carried out before December 21 from the account of the bank's cardholders,” said the message.

The official exchange rate as of Dec. 18 was 1.0499 AZN/USD.

Losses in the currency resulting from the difference in the exchange rate will be covered by the financial resources of the bank.

“This will apply to transactions with all types of bank cards,” the message said.

Azer Turk Bank was established in 1995 and 75 percent of its shares are owned by government of Azerbaijan.

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