Weekly economic review (Apr. 11-15)
Exchange offices may be brought back in Azerbaijan
Azerbaijan's Financial Market Supervisory Body will consider reinstating currency exchange offices in the country, Zakir Nuriyev, president of the Azerbaijan Banks Association (ABA) and chairman of Rabitabank's supervisory board, said.
A proposal on this was presented to the Financial Market Supervisory Body during a meeting of the Supervisory Body's management with the ABA members, said Nuriyev.
"It was also proposed to consider the possibility of issuing licenses to legal entities, allowing them to carry out currency exchange activities, and setting an appropriate legal basis," he added.
Another proposal regards to providing hotels with a possibility to exchange currency without establishing currency exchange offices, said Nuriyev.
The currency exchange offices operating outside banks and their branches were shut down in Azerbaijan in January 2016. As of now, it is possible to exchange currency at the 750 branches of banks throughout the country.
Currently, the currency exchange offices operate at branches and main offices of banks, at large shopping malls and at all the airports.