In recent weeks, Azerbaijani banks have reportedly stopped accepting U.S. dollar bills that have any stamps or markings on them. Instead, they’re directing customers to central branches and charging a hefty 20% commission for each $100 bill.
Economic experts are voicing their protests. Banking specialist Akram Hasanov explained to Musavat.com that banks are essentially passing on the cost and inconvenience of dealing with marked bills to customers. According to Hasanov, if no one wants to buy these marked dollars from the bank, they have to hold onto them longer or send them back to the U.S. for exchange, which incurs extra costs.
Another economist, Eldaniz Amirov, pointed out that refusing to accept legitimate U.S. bills just because they have a stamp is a violation of consumer rights if the bills are not counterfeit or out of circulation. In his view, the high commissions are simply a way for banks to exploit the situation without any real legal or economic justification.
Economist Rashad Hasanov added that dealing with marked foreign currency is more complicated for banks because they must eventually send these bills back to the U.S., incurring transport, insurance, and processing fees. He emphasized that while the banks’ behavior might seem unethical, it’s not explicitly illegal under current regulations.
In short, be cautious if you’re dealing with U.S. dollars that have any unusual marks, as you might face unexpected fees at your local bank.
