BAKU, Azerbaijan, May 4
By Klavdiya Romakayeva - Trend:
Uzbek Kapitalbank JSCB launched a direct conversion and payment for foreign trade contracts in Chinese yuan, Japanese yen and Kazakh tenge, adding Chinese yuan, Japanese yen and Kazakh tenge, Trend reports with reference to the press service of Kapitalbank JSCB.
“This will significantly reduce the cost of imported products and expand the geography of the business,” the bank said.
According to the information, Kapitalbank JSCB has already carried out conversions and payments in US dollars, Euros, Russian rubles, British pounds and Swiss francs.
According to the Director of the Corporate Business Department of Kapitalbank JSCB Ozod Karimov, many domestic entrepreneurs working with partners in these countries were forced to overpay for double conversion, lose interest in taxation, find intermediaries if foreign companies refused to accept payment in international currency.
“In practice, sometimes the overpayment reached 10-15 percent. All these factors affected the final cost of imported goods,” Karimov explained.
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