Starting from September 2006 the National Bank of Azerbaijan (NBA) expects to receive new appeals on opening of exchange places in accordance with the new rules regulating the activities of exchange bureaus. Rufat Aslanly, the General Director of the NBA, told Trendthat they enacted into law late this July and will be applied on the newly opening exchange bureaus, the exiting currency exchange places will function on the base of old rules.
The majority of them hold a license which is expiring in September 2006. Those desiring to continue their activities will have state registration in accordance with the new rules. As far as we know, many banks have set up work on transition of their exchange places to units with a status of exchange divisions. In the period of expiration of efficiency term of the existing places, the NBA expects to receive new appeals, Aslanly underlined.
At present there are 281 exchange places in the country against 620 existed before the September currency crisis
The key essence of the rules is the increase of the status of currency places and to bring them closer to a status of bank divisions. The rules also envisage the strengthening of a mechanism on integration of the exchange transactions into the operating system of banks and technical security guidelines and define requirements on professional training of employees of Exchange.