Opening of currency exchange points will affect Azerbaijan manat rate

Baku. 19 April. REPORT.AZ/ A draft amendment to the Law "On Currency Regulation" has been prepared with the aim of creating a new type of licensing framework for currency exchange in Azerbaijan.

Report informs, proposed changes envisage increasing number of participants in the cash currency exchange market, which is currently limited to mandatory participation of agent banks in these operations.

Experts group of Report News Agency believes that the adoption of the bill will simplify the opening of currency exchange points. This will lead to increased competition in the cash currency market and narrowing of the spread between buying and selling rates. As a result, "black currency market" will come to naught.

Experts of the agency noted that the resumption of operations of currency exchange points, along with creation of new jobs, will increase the demand for offices on ground floors. The bill will also impact the volume of tax payments, but will reduce incomes of commercial banks.