Establishment of standards for small-denomination payment instruments in Azerbaijan
Ulviyya Shahin
Read moreIn Azerbaijan, payment instruments that meet two criteria will be considered as small-denomination payment instruments, Azernews reports.
This is reflected in the "Regulation on the Conduct of Payment Operations and Payment Instruments" approved by the Central Bank of Azerbaijan's Board of Directors.
According to the decision, the criteria are as follows:
The amount of payment transactions within a calendar month for a single instrument should not exceed 300 manats or its equivalent in foreign currency.
The amount of funds held in the instrument should not exceed 300 manats or its equivalent in foreign currency.
Furthermore, the decision states that payment instruments not subject to identification requirements must meet the following criteria:
They can only be used for domestic payment transactions.
They cannot be used for money transfers or for cashing out funds in foreign countries.
Their users can only be individuals.
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