Azerbaijan to up amount of foreign currency allowed to be transferred abroad
Baku, Azerbaijan, Aug. 27
By Zulfiyya Gurbanova - Trend:
Azerbaijan will increase the amount of foreign currency transferred abroad within one business day without opening a bank account, to $10,000 in a free order.
This change is reflected in a project titled 'Rules on the foreign currency transactions in Azerbaijan' posted on the website of Azerbaijan's Central Bank (CBA).
The rules apply to both resident and non-resident individuals.
Under the current 'Rules on the mode of currency transactions of residents and non-residents in Azerbaijan', individuals can transfer an amount equivalent to $1,000 to abroad without opening an account.
The currency transactions in an amount equivalent to over $50,000 may be carried out by resident and non-resident individuals abroad only by means of opening a bank account.
Foreign currency transfers to Azerbaijan, carried out in favor of resident and non-resident individuals, are accepted by banks and the postal operator in an unlimited amount without opening a bank account, according to the rules.
Currency funds, transferred from abroad in favor of individuals, may be issued in cash without a bank account or on behalf of the person, who is supposed to receive the amount transferred to his account.
These rules regulate the foreign currency transactions carried out by residents and non-residents via Azerbaijani banks, local branches of foreign banks and the national postal operator.