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Currency Exchange Offices Will Have To Provide Information About Currency Exchange Rate And Commission Fee

Recently, there are more frequent cases of manipulation of citizens with the wrong currency exchange rates. To prevent this from happening and to protect the rights of the citizens, the president of Georgian National Bank ordered to register all currency exchange offices and establish regulations for them.  More precisely, currency exchange offices have to provide the clients with the information about the currency rate and the commission fee, which is defined by National Bank.

2bfa4c423b953ae9cffad75bc79442f0Considering the changes, currency exchange offices are obliged to give full information to customers about the currency exchange rate, commission fee and fixed rate. Fixed rate is a currency rate which is defined by the currency exchange offices and the difference between buying and selling the currency is usually more than 3%.

According to the rules, receiving the receipt became compulsory. Currency exchange offices will be obliged to sign the receipt for the currency exchange operation.  This will help the customer to check once again the conditions of currency exchange.

It has to be noted that if currency exchange offices do not provide the customers with sufficient information, they will lose the license and will not have an opportunity to ask National Bank for it, in the following 2 years.  During this period, the offender will not have a legal right to be a partner/auctioneer or member/director of administration at the currency exchange office.

Source : http://bit.ly/2dzqmXN

Azerbaijan invites Uzbekistan to benefit from Baku-Tbilisi-Kars

Azerbaijan has invited Uzbekistan to benefit from the Baku-Tbilisi-Kars railway project.

Azerbaijan’s Foreign Minister Elmar Mammadyarov met with the Foreign Minister of Uzbekistan Abdulaziz Kamilov in Tashkent, Azerbaijan’s Foreign Ministry told Trend on October 17.

During the meeting, Mammadyarov informed his counterpart about the restoration of the historical ‘Silk Road’ and the Baku-Tbilisi-Kars project, in particular, and noted favorable opportunities for Uzbekistan to take advantage of them.

The BTK railway is being constructed on the basis of the Georgian-Azerbaijani-Turkish intergovernmental agreement. Its peak capacity will be 17 million tons of cargo per year. At the initial stage, this figure will be one million passengers and 6.5 million tons of cargo. btk-620x354

During the meeting, Mammadyarov and Kamilov expressed satisfaction with the level of political dialogue and comprehensive cooperation between the two countries.

Azerbaijan’s foreign minister visited Tashkent for a session of the OIC council of foreign affairs.

The Organization of Islamic Cooperation (OIC) was established in September 1969 to ensure Islamic solidarity in social, economic and political spheres. The organization has 57 member states.

Source : http://bit.ly/2e0zowt

Margvelashvili and Atambayev discuss issues of cooperation

Georgia’s President Giorgi Margvelashvili held an official ceremony to welcome Kyrgyz President Almazbek Atambayev and his wife at the Presidential Palace in Avlabari, Tbilisi.

ba28d18ca901308e0cba0d79079413baThe presidents held a face-to-face meeting and a joint press conference, where they discussed aspects of the bilateral meeting.
At the meeting, Margvelashvili expressed hope that the first Atambayev’s visit to Georgia will promote the development of bilateral cooperation. He also stressed that the parties must maintain an intensive dialogue at the highest level, Sputnik Georgia reports.
According to Margvelashvili, the signing of agreements in the fields of security, economy and education will open new opportunities in relations between the two countries.
The sides also discussed Georgia’s role in the region and trans-regional cooperation.

Source : http://bit.ly/2e6Swwg

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