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CBA approves regulation on daily currency exchange limit per person in Azerbaijan

25 December 2023 17:29 (UTC+04:00)
CBA approves regulation on daily currency exchange limit per person in Azerbaijan
Nigar Hasanova
Nigar Hasanova
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The Collegium of the Central Bank of Azerbaijan (CBA) has approved the Regulation on conducting currency exchange operations by persons licenced for currency exchange activities and controlling currency exchange activities.

According to Azernews, Taleh Kazimov, the chairman of CBA, signed a new decision in this regard. According to the decision, the currency exchange operation will be carried out only in cash and by order of customers. An identification document will be required when selling foreign currency in cash over the equivalent of 500 US dollars to a single customer, as well as buying more than the equivalent of 10 thousand US dollars from a single customer at a currency exchange point.

The daily limit of a currency exchange transaction conducted with an individual at a currency exchange point is 20,000 manats or its equivalent amount.

The currency exchange office can be organised in the air terminal complex of airports (group I zone), large shopping centres, hotels, railway stations, and ports (group II zone), in the form of kiosks, in separate buildings, and in parts of buildings with access to the street (group III zone).

The transportation of cash from 20,000 manats or its equivalent to 200,000 manats or its equivalent by the currency exchange office will be carried out by the persons providing the collection service, accompanied by armed security, and the safe transportation of more cash will be provided by armed security.

The Legal Department of the CBA was instructed to submit this decision to the Ministry of Justice for inclusion in the State Register of Legal Acts within 3 days.

Resolutions of the Financial Markets Control Chamber dated December 21, 2017 on the approval of the "Rule for currency exchange transactions by persons licenced for currency exchange" and dated October 8, 2018 on the approval of the "Regulation on the implementation of control over exchange activity" were cancelled.

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