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Central Bank of Azerbaijan working out details to re-open currency exchange offices (Exclusive)

Economy Materials 12 August 2023 12:08 (UTC +04:00)
Central Bank of Azerbaijan working out details to re-open currency exchange offices (Exclusive)
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, August 12. The Central Bank of Azerbaijan (CBA) is carrying out appropriate work to determine the requirements and conditions for the opening of currency exchange offices, the Central Bank of Azerbaijan told Trend.

The requirements for issuing a license for currency exchange activities are determined by the law of the Republic of Azerbaijan "On currency regulation" and regulatory acts of the CBA.

The CBA was recommended to approve regulatory acts within a six-month period in connection with amendments to the law by the decree of the President of Azerbaijan dated 01.08.2023.

Additional information on the minimum amount of the authorized (joint) capital, as well as on the amount of the part of the authorized (joint) capital that is subject to increase, will be provided after the approval of the relevant rules.

Moreover, the CBA will also provide additional information on the amount of collateral and other requirements for each second and subsequent object in respect of which the person who has received a license for exchange activities carries out this activity will be provided after the approval of the relevant rules.

In addition, the CBA announced that the opening of currency exchange offices by individuals without creating a legal entity that, in accordance with article 13-1 of the law, resident (non-resident) legal entities can apply to the CBA to obtain a license for currency exchange activities.

Furthermore, only banks and their branches, as well as branches and offices of Azerpost LLC currently have the right to currency exchange activities. According to the amendments to the law "On currency regulation", individuals and legal entities will also be allowed to open currency exchange offices.

Those wishing to exchange currency at bank branches, in some cases, are forced to stand in line. Tourists coming to Azerbaijan also experience difficulties with currency exchange, especially on weekends. It is expected that after the opening of new currency exchange offices, these problems will be solved.

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