Azerbaijan proposes to simplify process of opening currency exchange offices
By Mirsaid Ibrahimzade
Azerbaijan proposes to simplify the process of issuing a license to open currency exchange points.
This is provided for by the amendments to the law "On currency regulation", directed to the Parliament of Azerbaijan.
Pursuant to the existing procedure, the Financial Market Supervision Chamber, when issuing a license for conducting currency exchange activities, must coordinate this with the relevant executive authority. The proposed amendment proposes to cancel this procedure.
In December 2017, the Chamber of Supervision over Financial Markets prepared a new procedure for conducting currency exchange operations. In April 2017, the 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 Chamber also prepared a procedure for supervising the activities of currency exchange offices and an application form for obtaining a license to operate currency exchange offices.
Currently, currency exchange offices can operate only within banks. This prohibition was introduced in January 2016.
Such a decision made by the CBA was explained by the need to “effectively and efficiently regulate the operations of commercial banks”, as well as to strengthen control over operations and optimize expenses.
At the same time, the CBA stressed that serious problems due to the closure of exchange offices should not arise - banks have a fairly wide branch network that can serve everyone who wants to buy currency.
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