Azerbaijan liberalizes currency regime

The Central Bank of Azerbaijan (CBA) has today confirmed amendments to 'Rules on the conduction of operations in foreign currency by Azerbaijani citizens and operations in national and foreign currency by foreign nationals,' the CBA said in a statement.

According to the information, the period for submission of customs declarations confirming import of goods to the country with advance payment in connection with the import of goods or documents, which confirm the provision of imported services to an authorized bank, was extended from 270 days to 2 years. At the same time, if the value of imported goods and services does not exceed $10,000, no notification should be submitted to the currency control body.

The liberalization of the currency regime will also promote the improvement of the business environment in the country.

The mentioned amendments will enter into force after they are included in the State Registry of Legal Acts of the Republic of Azerbaijan.