Currency exchange points will reappear in Azerbaijan

Baku / 19.04.17 / Turan:  Changes will be made in the "On Currency Regulation", the relevant draft law is ready, Turan was told in the parliament. According to the changes, in addition to banks, local branches of foreign banks and post offices, resident legal entities and individuals who have received the appropriate license will be able to exchange money. The locations of the functioning of the exchange points will be coordinated with the Chamber for the Supervision of Financial Markets.

To ensure stability of manat the Central Bank will have the right to intervene in the foreign exchange market, set a margin between the rate of sale and purchase, as well as the upper limit of the exchange rate.

The license for currency exchange activities will be issued by the Financial Market Supervisory Authority (currently the Financial Market Supervision Chamber.) The currency exchange offices were closed in January 2016, a month after the second devaluation of the manat. -71D-

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