...

Azerbaijan puts limits on foreign currency remittances (UPDATE)

Business Materials 7 December 2016 16:52
Azerbaijan is putting limits on the foreign currency remittances carried out by individuals – residents and non-residents of the country – without opening a bank account

Details added (first version posted on 14:42)

Baku, Azerbaijan, Dec. 7

By Anvar Mammadov – Trend:

Azerbaijan is putting limits on the foreign currency remittances carried out by individuals – residents and non-residents of the country – without opening a bank account.

The changes made in accordance with the “Rules of Operations on Foreign Currency Carried Out by Residents and Non-Residents of Azerbaijan”, approved by the Central Bank, will come into force Dec. 8.

Individuals will be able to transfer abroad no more than $1,000 in a day and no more than $10,000 in a month without opening a bank account, according to the new rules.

Currently, the monthly limit for the remittances is $30,000.

The remittances to Azerbaijani residents’ close relatives abroad and the return of the funds, which previously entered Azerbaijan’s territory, will be an exception.

In the first case, the daily limit for the remittances won’t be applied if an individual, who is Azerbaijan’s resident, has a document confirming blood tie with the person who is to receive the funds, but the monthly limit will remain at $10,000.

In the second case, the limits won’t be applied at all.

Tags:
Latest

Latest