In 2007 All Currency Exchange Stations in Azerbaijan should Function on base of New Requirements of National Bank of Azerbaijan NBA Director General

In 2007 All Currency Exchange Stations in Azerbaijan should Function on base of New Requirements of National Bank of Azerbaijan  NBA Director General

The National Bank of Azerbaijan (NBA) has confirmed adjustment into the activities of the currency exchange stations in line with the new rules regulating the similar activities for the period until January 1, 2007. Otherwise, their licenses will be cancelled, the NBA Director General Rufat Aslanli informed Trend.

Presently 37 exchange bureaus applied for registration in NBA, and the appeals of up to 15 banks are under the consideration of NBA. Mr. Aslani does not exclude the increase of their number up to 70-80 in Baku by the end of the year. The appeals from the regions have begun and have not reached even 5 yet. From the very outset, we awaited such rates, and certainly this process will be more active from the next year, Aslanli said.

According to Aslanli, presently 30 exchange stations function in the country on base of the old licenses of the NBA, while their number was 620 a year ago. The validity of their licenses will conclude on December 30, 2006.

Although the rules entered into the force from the end of July, they will be applied to the newly opened exchanges stations, and the presently functioning exchange stations work in accordance with the old rules.

The essence of the new rules includes increasing the status of the currency exchange stations and envisages to make them near to the status of departments of banks. In addition, the rules imply strengthening the mechanism of the integration of the operations of the exchanges stations into the operation system of banks, technical and security requirements and define demands for the professional training of the employees of the exchange stations.

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