Azerbaijan tightens currency sale rules

Azerbaijani citizens will be able to sell over $10,000 to foreign currency exchange offices in the country only if their identity cards are available.

The Central Bank of Azerbaijan (CBA) has made the corresponding changes to the rules of organizing foreign currency exchange offices and operations.

The changes came into force since October 13, 2016 and were published in the register of legal acts of Azerbaijan’s Justice Ministry Oct. 14.

The sale of foreign currency in cash and traveler's checks in the amount exceeding $500 to a customer, as well as the purchase of foreign currency from a customer in the amount exceeding $10,000 will be implemented in foreign currency exchange offices only if the identity card is available.

It is noted that this change was made to facilitate the return of foreign currency funds owned by individuals and legal entities into the currency turnover.

The rules of organizing foreign currency exchange offices and operations came into force since January 6, 2016.

The rules regulate foreign currency exchange in banks, their branches and offices, local branches of foreign banks and the national postal operator. The previous rules didn't apply to the currency exchange offices in post offices and local branches of foreign banks.

At the same time, activity of currency exchange offices must be classified as that of high risk. The internal audit service of the bank must carry out inspection of this activity at least once in a year.

As many as 32 banks operate in Azerbaijan.