The volume of card-to-card transfers in Azerbaijan amounted to 48 billion manats in the first nine months of this year. Last year, the total volume of these transactions reached 66 billion manats, Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said at a press conference dedicated to the monetary policy decision, APA-Economics reports.
According to him, given the large volume of transactions and the risks of these transfers being used for illegal purposes, banks have introduced limits on card-to-card transactions.
The CBA Governor noted that customers who need higher limits than the monthly 20,000 manat limit and the daily limit of five incoming transfers can apply to their bank and explain the nature of their transactions. The limits may be increased based on a justified request. The same approach applies to obtaining an additional card under the same card product.
Taleh Kazimov stated that the purpose of these requirements is not to hinder legitimate transactions but to prevent the risks of tax evasion and other illegal activities.
According to him, cases have been observed in which some individuals arrange for cards to be issued in the names of elderly people and pensioners in exchange for payment and use them for illegal activities. There are also cases where one person obtains several cards under the same card product and distributes transaction turnover among them.
The CBA Governor also addressed concerns that the introduction of limits could lead to transactions shifting from the banking system to cash circulation. He noted that observations do not confirm such a shift and that the volume of cash withdrawals decreased in September compared to August.
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