Baku, Azerbaijan, Jan. 7
By Emin Aliyev - Trend:
All entities, conducting non-cash currency exchange transactions in Azerbaijan (banks, local branches of foreign banks, and post offices) will be required to regularly report to the Central Bank of Azerbaijan on the results of this activity. CBA's appropriate decision came into force on December 27, 2013.
According to the document, the collected statistics will support the CBA in conducting monetary and exchange rate policies, studying the demand for domestic and foreign currency, setting exchange operations' goals and directions, as well as, minimizing the risks arising during the revaluation of funds in foreign currency, in case of official exchange rate changes.
Reporting will cover both intra-bank exchange transactions (including those on Bloomberg and BEST platforms, as well as transactions done outside trading systems), and on the inter-bank currency exchange transactions.
In addition, market participants will provide information on compliance with limits on open currency position set by the CBA, exchange operations conducted during repayment of loans and interests thereon, placement and withdrawal of deposits, exchange of cash, as well as speculative operations on making profit from the difference in rates between the currencies.
Reports should be provided in electronic form once a month, within two working days after the end of the reporting period. Aside from that, in the case of a written request by the regulator, reports must be provided on a daily basis.
Translated by E.A.
Edited by C.N.