Azerbaijani banks allowed to change exchange rate independently

Baku. 7 January.REPORT.AZ/ Governor of the Central Bank of Azerbaijan Republic (CBAR) Management Board Elman Rustamov signed a document on approval of 'Rules for organization of exchange departments and conduction of exchange operations'.

Report informs, in accordance with the document, purchase and sale exchange rate of cash foreign currency are set independently by banks.

Exchange rates can be changed by order of bank within operating day. Order is delivered to department by fax, e-mail or other means. Change of exchange rate (including time and date of change) is recorded in department's registry and shown on board installed in the department.

If CBAR fixes variation limit of sale exchange rate of foreign currency from purchase exchange rate, that limit should be complied with on determining exchange rates.

In exchange department, for one client, exchange operation more that amount equivalent to 500 USD is conducted by identity card.