Central Bank of Azerbaijan updates rules for transactions in local, foreign currencies

The Board of Directors of the Central Bank of Azerbaijan (CBA) has amended the "Rules on conducting operations of residents in foreign currency, as well as non-residents in national and foreign currencies," Report informs.

CBA Governor Taleh Kazimov has signed a new decision in this regard.

According to the decision, when there is a special assignment (decision, order, appeal, endorsement) of the Cabinet of Ministers for the execution of transfers of funds transferred by residents and non-residents for payment of goods and services imported to Azerbaijan, including advance payments (prepayments), the transfer operations will be executed without requiring an import contract, customs declaration, or any other document. In this case, a copy of the document confirming the special assignment will be kept at the bank.

According to the newly added article, when an advance payment is intended for the import to Azerbaijan of defense-purpose goods (combat-purpose military equipment, military weapons, ammunition, equipment for their design and production, components and spare parts, as well as scientific-technical information, raw materials, materials, and technologies), as well as for the performance of works or provision of services related to such goods, a letter from the Ministry of Defense Industry may be submitted to the bank. In this case, a copy of the letter will be kept at the bank.