When currency exchange offices outside banks resume operation in Azerbaijan?
Baku, Azerbaijan, Jan. 8
By Taleh Mursagulov – Trend:
The work on the resumption of operation of currency exchange offices outside banks in Azerbaijan is nearing completion, a source in Azerbaijan’s financial market told Trend Jan. 8.
At the end of last year, the Financial Market Supervisory Authority of Azerbaijan (FIMSA) received conclusion from the Ministry of Justice on the regulatory legal acts necessary for the operation of currency exchange offices.
The FIMSA is waiting for the last decision from the Ministry of Taxes.
“When the remaining conclusion is received, the FIMSA will make the necessary amendments to the regulatory legal acts and send them to the Cabinet of Ministers,” the source noted. “After the documents are approved by the Cabinet of Ministers, the operation of currency exchange offices outside banks will be resumed.”
In December 2017, the FIMSA prepared a new procedure for conducting currency exchange operations. It was developed after in April 2017, the Azerbaijani parliament adopted amendments to the “Law on currency regulation”, which allowed individuals and legal entities to open currency exchange offices.
In addition to the above-mentioned document, the FIMSA also prepared a procedure for supervising the activities of currency exchange offices and an application form for obtaining a license to carry out the activities of currency exchange offices.
Presently, currency exchange offices can operate only at banks. This ban was introduced in January 2016.
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