Azernews.Az

By Amina Nazarli

The Central Bank of Azerbaijan approved on March 18 new regulations regarding currency inflow/outflow.

The currency outflow exceeding $50,000 by legal entities and individuals, who are residents and non-residents, is possible only by transfers through banks or a postal operator.

The rules permit for legal and physical persons, who are residents and non-residents to bring currency in Azerbaijan in unlimited quantities, following customs procedures.

In case of currency outflow in the volume of $10,000, legal entities and individuals, who are residents and non-residents, should orally declare the currency amount to the customs authorities.

When the amount of the currency varies from $10,000 to $50,000, the person should provide the customs authorities a document confirming the amount of inflow in cash, as well as the completed Declaration.

In other cases, the currency outflow can also be carried out only by transfers through banks or postal operator.

The value of the manat dropped on December 21, 2015 following the CBA decision to allow a freely floating exchange rate. As a result, the US dollar and euro rose by nearly 50 percent in value in Azerbaijan, making the manat the world’s worst-performing currency of last year.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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