Azerbaijani Central Bank tightens currency exchange rules
Baku, Azerbaijan, Jan. 7
By Azad Hasanli - Trend:
Exchange of currency in the amount exceeding $500 will be carried out in Azerbaijan only if the identity card is available, as provided by the rules of organizing foreign currency exchange offices and operations approved by the Central Bank of Azerbaijan.
The new rules came into force since January 6, 2016.
The rules regulate foreign currency exchange in banks, their branches and offices, local branches of foreign banks and the national postal operator. The previous rules didn't apply to the currency exchange offices in post offices and local branches of foreign banks.
In accordance with the rules, each foreign exchange transaction (or other services) is entered into the bank's system, and the client receives a bank statement.
"Foreign currency rate must be indicated on special electronic boards," said the document. "Banks are free to determine exchange rates of purchase and sale of foreign currency, and in various offices currency rates may differ. Currency exchange rate may vary during the day. In case if the central bank determined a currency corridor for purchase and sale, banks have to follow it."
Exchange offices don't have the right to carry out only the purchase or only the sale of foreign currency, except the cases when no foreign or local currency is left.
At the same time, activity of currency exchange offices must be classified as that of high risk. The internal audit service of the bank must carry out inspection of this activity at least once in a year.