A set of rules, regulating activity of currency exchange bureaus has been presented by the National Bank of Azerbaijan (NBA) for legal expertise to the Justice ministry, NBA head, Elman Rustamov told Trend . NBA completed discussions with banks and the new rules will be implemented in the second part of this year. The restructuring of exchange points in the country is already underway and their number decreasing (300 are gone). The major reason is their incompatibility with laws.
NBA is refusing to extend licenses to those exchange points that are not respecting rules, Rustamov said.
One of the reasons for postponing the new rules adoption is the denomination process of the national currency. Considering that more of 50 and 100 manat banknotes will be released in use in the second part of the year and the national currency will have the same value as American dollar, population may prefer to keep savings in national currency. New large nomination banknotes will be a valid argument for the dollarization of economy. In such environment, there won` t be much need in the currency exchange points and their number can be reduced. The given tendency will be continued with the implementation of new rules, introducing tougher demands to currency exchange bureaus.