Newsfeed

Members of Karabakh parliament made a statement to protect Levon Hayrapetyan

"Vallex" Group celebrates Miner's Day

Commandos: Levon Hayrapetyan's arrest is a result of hard work of Azerbaijani and Russian secret services

Ivan Kukhta: The government of Ukraine owns irrefutable evidence of separatists' blame for the crash of the Malaysian Boeing

According to the results of the first half of 2014, growth rates of Ameriabank's indices exceed average market level

ACBA-CREDIT ACRICOLE BANK and American Express have announced the launch of new card "The ACBA-CREDIT AGRICOLE BANK American Express® Cash Back Card"

No visa regime between Georgia and Armenia

Vahagn Hovnanyan: It is necessary to hold a protest action in front Russia's Embassy in Armenia to support Levon Hayrapetyan

Political expert: Growth of tension at the border is a regular ill-fated expression of complexes by Azerbaijan

James Warlick: The number of incidents and resulting deaths and injuries is also a setback in our efforts to work with parties to find a lasting peace

Lake Sevan is on the verge of environmental disaster

Life of the three persons injured in Kashatagh as a result of a landmine explosion is out of danger

EU welcomes ruling of Turkish Constitutional Court regarding investigation into the 2007 murder of Turkish- Armenian journalist Hrant Dink

Armavir mayor's car explodes in mine-studded territory of Kashatagh

Newspaper: Armenian oligarch's company worked in the shadow

Nagorno-Karabakh Police publish details of the case of Azeri saboteurs

Eastern Partnership countries cannot join European Union within the next 5 years

Expert: Decision to increase water release from Lake Sevan to 270 mln cu m is a shady transaction

RESO Insurance Company compensates for damage under hull insurance in 90.9% of cases

VTB Bank (Armenia) and Visa announce the launch of Summer with VTB campaign

Orange Foundation opens a Youth center in Chinari and a computer center in Zorakan in Tavush region

ICRC Yerevan Office holds negotiations to organize a meeting with Azeris detained in Armenian territory

Hakob Sanasaryan: Armenia has chosen the path of destroying its water resources

ICRC Yerevan Office maintains regular contacts with residents of borderline villages

Areximbank-Gazprombank Group's profit increases by 56.1% and capital grows to 21.9 bln AMD

Levon Ter-Petrosyan: the authorities of Armenia are going to replace the "carrot" of the PAP by the "stick"

Ankara has put forward a plan to form a free trade zone with the Customs Union

Ankara's wish to create free trade zone with Customs Union has a dim prospect for Armenia

Levon Ter-Petrosyan: The delay of Armenia's joining Eurasian Economic Union is conditioned by the demand of the EAEU to set a check point at the border to Nagornyy Karabakh

Levon Ter-Petrosyan: The reaction of the Armenian party at the Azerbaijani invasions is quite guarded and inadequate

Sharmazanov to Ter-Petrosyan: It is unacceptable to speculate the Karabakh issue for the political goals

The Golden Apricot Yerevan 11th International Film Festival has come to its end, the official website reports

Rostelecom services available in the center of Yerevan

RESO Insurance Company compensates for hailstorm-caused damage

Customer of VTB Bank (Armenia) wins a Peugeot 107 AT under a joint campaign with MasterCard

1005 residents of Nagorno-Karabakh sign an address on immediate release of Armenian businessman Levon Hayrapetyan

Ardshininvestbank cuts lombard credit and Nur Card Express rates

Nagorno-Karabakh Prosecutor General's Office: Smbat Tsakanyan was kidnapped and killed by Azeri saboteurs

Beeline and NURCARD launch new postpaid tariff plans

ACBA-Credit Agricole Bank's terminals switch to round-the-clock regime

Preparliament: Verdict against Volodya Avetisyan is the authorities' cynical gauntlet thrown against the Armenian society

Suren Babayan intends to shoot a new trilogy

Armen Martirosyan: Levon Hayrapetyan's arrest has either Azerbaijani or Armenian trace

Raffi Hovannisian: Arrest of Levon Hayrapetyan is politically motivated

Air Armenia leases Airbus 320

On July 20 Air Armenia will start flying to Moscow three times a day

Ivan Volynkin: Russia is not instigating anybody in Nagorno- Karabakh conflict

Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

After arrest Levon Hayrapetyan's health condition has got worse

Idram online payment system misleading users gaining extra profits from artificially created difference in rates of exchange

  • Wednesday, February 26, 11:31

Taking advantage of its monopoly in the market of online payment systems, the local Idram Company misleads users gaining extra profits from artificially created huge difference in the rates of exchange. 

ArmInfo Financial Service has monitored the field and found out that Idram Company not only earns the commissions but also gains huge profits from the difference of exchange rates for e-exchange. On 25 February 2014, Idram through its own system of currency exchange, uchange.net, was exchanging virtual dollars at the exchange rate of 385.5 drams amid 412.7 drams official exchange rate. The exchange rate of Russian rubles at Idram was 10.35 drams amid 11.59 drams official rate. The exchange rate of euro was the most cunning - 479.16 drams amid 567.3 drams official rate of the Armenian CB. It is noteworthy that exchange rates on uchange.net are permanently refreshed, though the last time the exchange rates of the Central Banks of Russia, Ukraine and Armenia were refreshed on 23 October 2013.  Specialists say such 'careless' attitude to financial procedures in the market mean that either the company seeks to mislead its customers or there is absolutely no supervision of the virtual financial space by the Central Bank of Armenia. The latter seems unaware of the virtual tricks of Idram Company that gains extra profits from groundless difference in the rates that bear no relation to any market trends. Observers say that the company avoids any supervision by the Central Bank and takes advantage of its monopoly in the market.

It is noteworthy that the above facts do not fit into the statements of the head of Idram Company made in an interview to ArmInfo earlier. She said "electronic money is the same cash in charge of the user on an e- media." Moreover, she said, Idrams can be converted into Yandex Money or WebMoney on uchange.net on more favorable terms without commissions. Nevertheless, users face quite opposite situation in practice exchanging their money at exchange rates too different from the officials ones and losing part of their hard- earned money. It seems that the legal acts of the Central Bank do not regulate the given field.  ArmInfo's request for any comments on the issue from Idram Company remains pending. The company's operator just preferred ignoring the 'strange' request to explain the groundless difference in the rates of exchange. How will the Central Bank respond to this outrage? 

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields