BAKU, Azerbaijan, December 25. Exchange offices in Azerbaijan were banned from conducting “purchases only” or “sales only," except in cases where funds in foreign or national currency were kept during the operating day, Trend reports via the "Regulation on the conduct of foreign exchange operations by entities licensed for foreign exchange activities and control of foreign exchange activities" signed by the Central Bank of Azerbaijan (CBA) Governor Taleh Kazimov.
The regulation also said that currency exchange transactions will be allowed only in cash, and upon the client's order, foreign currency beyond the $500 equivalent will be sold at the exchange point in cash to the client, and the presentation of an identity document will be required when purchasing the foreign currency beyond the equivalent of $10,000 from the client.
The daily limit for currency exchange operations with an individual at the exchange point was set at 20,000 manat ($11,760) and the equivalent amount.
In addition to the minimum requirements set by the law on internal control programs to combat money laundering and the financing of terrorism, individuals licensed for foreign exchange activities conducting transactions exceeding 20,000 manat or the equivalent amount within the calendar year must adhere to the respective internal rules and procedures.
Currency exchange points may be organized in airport terminal complexes (Zone I group), major shopping centers, hotels, train stations, and ports (Zone II group), as well as in the form of kiosks, separate buildings, and sections of buildings facing the street (Zone III group).
The transportation of funds from 20,000 manat or equivalents to 200,000 manat ($117,650) from the currency exchange point will be accompanied by an armed security service.
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