Wednesday, February 26 2014

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?