PASHA Bank, one of Azerbaijan's largest banks, announces the completion of a review of exchange rate reimbursement claims made by clients undertaking card transactions following the exchange-rate adjustment on 21 December 2015. The PASHA Bank Supervisory Board has determined that the difference in account balances debited after the devaluation of the manat will be reimbursed by the Bank.
Pursuant to IPS (International Payment Systems) Regulations, the funds in an account are held on the basis of the exchange rate, as of the date of transaction. Whereas, the amount is debited from the account later, usually within 5 working days (depending on the date of payment orders from third parties) and at the rate current on the date of debiting.
Chief Commercial Director, Melih Mengu, added: "PASHA Bank always seeks to resolve client issues in both a responsive and responsible manner. Having looked at this unusual situation, and the impact of the depreciated manat, we have taken the appropriate measures to minimize the impact of exchange-rate adjustment on our clients."