Azernews.Az

The State Service for Antimonopoly Policy and Consumer Rights' Protection under the Ministry of Economic Development of Azerbaijan filed a case against CJSC Yapi Kredi Bank Azerbaijan on the grounds of violation of antimonopoly legislation, the state service reported in its statement released on May 14.

"Booklets of CJSC Yapi Kredi Bank Azerbaijan contain advertising information saying it is possible to conduct purchases and sales without interest and at the most favourable conditions using Worldcard credit cards at all trading points with Worldcard logos. Monitoring in the field of advertising found out that the contracts concluded between the company and Worldcard trade items provides for payment at an interest rate of 2.4 to 8.1 per cent depending on a loan's maturity date," the statement says.

In addition, documents issued to consumers during the sale using Worldcard contains only the total price of goods, while the value of goods and the interest rate should be indicated separately. The state service also revealed that interest was charged during the sale of goods via Worldcard in accordance with the maturity of the loan.

"These facts are misleading consumers and lead to unhealthy competition," the statement says.