The Financial Market Supervisory Authority (FIMSA) of Azerbaijan has approved a new procedure for currency exchange operations.
Under the new order, which has already entered into force, the exchange offices are not allowed to provide other services rather than currency exchange services. A special license is required to provide currency exchange services.
The currency exchange points can function at a separate kiosk or building, including at railway stations, hotels, ports and airports. Furthermore, in addition to the exchange rate itself, a license (or a copy) for currency exchange operations, the hotline number of the FIMSA for complaints and appeals, as well as the schedule of the currency exchange office operation should be placed on a prominent location.
The currency exchange in such places is carried out only in cash.
The sale of currency equivalent to more than $500 or purchase of currency equivalent to more than $10,000 is possible only with the provision of an identity card.
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