The "Rules of the organization of the exchange points and exchange operations" of the Central Bank, promulgated on January 6, offer banks the right to determine the exchange rate (http://huquqiaktlar.gov.az/StatementDetails.aspx?statementId=33905).
The rules were approved on December 29, 2015 by Order № 44/1 of the Chairman of the Central Bank of Azerbaijan Elman Rustamov.
The same rules approved new rules for the organization of exchange offices and foreign exchange operations, which, in fact, imposes restrictions on the sale of foreign currency in cash. So, for an operation with an amount in excess of $ 500, an individual is required to provide a document proving his identity.
Exchange transactions will be documented by entering a statement from the bank operating system into the computer database. The extract contains the details of the bank and its branches, date, type and amount of the transaction and is confirmed by the signature and seal of the exchange office. These terms also apply to travelers' checks.
In case of suspicion for fake currency the data about the person who introduced it to the exchange are registered, including his passport data, email, and phone number.
The order of the head of the Central Bank Elman Rustamov followed the decision of the Central Bank of Russia on December 24 last year, which provides for the complete identification of the client, if the sum of the exchange exceeds 15 thousand rubles (about $ 210). In turn, the decision of the Central Bank is based on the "Regulation on the identification of customers by credit institutions, representatives of the customer and the beneficiaries in order to counter the legalization (laundering) of proceeds from crime and terrorist financing" on October 15, 2015 N 499-P.
Turan experts point out that such a measure is not new and has been applied in a number of countries experiencing currency devaluation. These steps are designed to reduce the transfer rate of the national currency into foreign currency and the subsequent outflow of capital abroad. This practice, for example, was used in Ukraine, but did not give effect, and was canceled on 23 October 2015. Customer identification is made with currency exchange over 300 thousand Hryvnia ($ 12.4 thousand). -0-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review