Central Bank approves new rules for currency transfer to and from Azerbaijan
Baku, Azerbaijan, March 18
By Anvar Mammadov - Trend:
Legal entities and individuals, who are residents and non-residents of Azerbaijan, can now take currency out of the country at an amount exceeding $50,000 only via transfers through banks or postal operator.
This is stipulated in the regulations for residents' and non-residents' bringing in and taking out foreign currency, approved by Azerbaijan's Central Bank.
Under the rules, the legal entities and individuals, who are residents and non-residents of Azerbaijan, may bring in currency in an unlimited quantity abiding by customs procedures.
While transferring the foreign currency in an amount up to $10,000 from Azerbaijan, legal entities and individuals, who are residents and non-residents, must verbally declare the amount of the transferred currency at the customs bodies.
If the transferred foreign currency ranges from $10,000 to $50,000, the non-residents and residents must present a document confirming the amount's transfer in cash to Azerbaijan's territory, as well as a filled out declaration.
In other cases, the foreign currency can also be transferred only through banks or the postal operator.
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