CBA strengthens control over import of paid goods
By Amina Nazarli
The Central Bank of Azerbaijan (CBA) has strengthened measures on
bank control over the goods entering the country within 180 days
after payment of the prepayment of import contracts and refund of
prepaid funds from abroad.
These changes have been included in the "Rules for foreign currency transactions by residents and nonresidents of Azerbaijan", according to the CBA.
New rules, approved on November 28 are aimed to improve the efficiency of the exchange control mechanism, which plays an important role in maintaining equilibrium in the balance of payments and the foreign exchange market.
The rule provides for the application of certain limits in currency transactions, including the various remittance transfers while preserving freedom for education and health services payments abroad.
Individuals (residents and non-residents) will be able to transfer abroad not more than $1,000 per day for private purposes without opening an account and no more than $10,000 per month, as well as no more than $10,000 per month to close relatives. Currently, the monthly transfer limit is $30,000.
The rules do not restrict the repatriation of foreign investments and any income received in the framework of investments.
The regulations will come into force on December 8.
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Amina Nazarli is AzerNews’ staff journalist, follow her on
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