The procedure of transference of foreign currency abroad has toughened
I The procedure of transference of foreign currency abroad has toughened. According to the order №45/1 of the Chairman of the Central Bank of Azerbaijan Elman Rustamov (Http://huquqiaktlar.gov.az/StatementDetails.aspx?statementId=36296), from 8 December residents and nonresidents, including entrepreneurs who are physical persons without opening a bank account can daily transfer into foreign bank accounts no more than $1; within 1 business day up to $10.000 during a month. Under the new rules of operations with foreign currencies, such limits are applied to the transfers to close relatives living abroad (all categories are listed, even spouses and parents - except children.) The order does not specify what should do individuals working on trust with foreign business partners and transferring abroad sometimes under the contract terms quite large sums of money. There are questions on many other issues, including those related to transfers to foreign clinics, which are unlikely to agree with inflows practice "per hour on a teaspoon." --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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