Banks Association denies reports on new rules on currency exchange operations

25 June 2020 15:15 (UTC+04:00)

By Ayya Lmahamad

Banks in Azerbaijan do not apply any new rules regarding the implementation of foreign currency exchange transaction, the country's Banks Association reported on June 22.

“No documentation from the Central Bank have been received regarding the establishment of any new procedures,” the message reads.

The association stated that recently some social networks spread false information on alleged restrictions by the banks regarding currency operations within the new requirements of the Central Bank of Azerbaijan.

Despite the relevant restrictions within the quarantine regime in the country, banks continue to serve citizens, ensure maximum customer satisfaction and fully meet the needs of citizens in all types of banking services, including foreign currency, in accordance with the recommendations of the Operational Headquarters, the association said. 

Moreover, at present, as part of the measures taken to combat the shadow economy and ensure transparency in country, banks ensure the full implementation of tasks assigned to them by the legislation in force.

Additionally, it states that citizens can carry out exchange operations in any bank in full according to requirements of the current legislation, without any additional restrictions and obstacles, according to requirements of the quarantine regime established by the Operational Staff under the Cabinet of Ministers of the Azerbaijan Republic.

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