Financial Markets Supervision Chamber warns banks

Baku. 4 November. REPORT.AZ/ Financial Market Supervision Chamber (FMSC) sent warning letter to all commercial banks of Azerbaijan related to currency exchange margins. Report informs, Chairman of Board of Directors of Financial Market Supervision Chamber (FMSC) Rufat Aslanli told reporters.

According to him, they held meeting with bank managers on this topic: “We declared that serious action will be taken against banks violating currency exchange regulations in such a sensitive period”.

R. Aslanli accepted that it is impossible for them to control all currency operations of banks: “We don’t observe all currency operations. Banks send reports once a month and we assess them based on those reports. But if any bank, its affiliate or branch violates regulations, we take immediate measures. We just need someone to inform us to take this measures”.