BAKU, Azerbaijan, June 9. A reduction in the
interchange rate is taking effect in Azerbaijan from this month,
Deputy Chairman of the Central Bank of Azerbaijan Vusal Khalilov
said at the International Finance and Banking Summit taking place
in Baku, Trend's
correspondent reports.
"In terms of costs, we can highlight expenses related to
digitalization, as well as costs in the payment sector,
particularly cashless payments. While these costs are borne
primarily by banks, payment organizations, and businesses,
virtually every citizen faces the threat of fraud. In response to
these challenges, the Central Bank, together with market
participants, is taking significant steps. I would like to
highlight some of them. First of all, we are conducting intensive
negotiations with international card organizations on the
optimization of these costs," he said.
According to him, the goal is to implement a more optimized
pricing policy for both acquirers and issuers, in the interests of
businesses.
"In this regard, in accordance with the decision of the Central
Bank Board of Directors on March 18, the upper limit of the
interchange rate was reduced by 0.25 percentage points. This
decision comes into effect in June, and we believe it will have a
positive impact," noted Khalilov.
