Unified information system for forex transactions created in Azerbaijan

The Central Bank of Azerbaijan (CBA) has created a unified information system for currency transactions, the head of the department for regulation of payment services and payment systems of the CBA, Khayaladdin Taghiyev said, Report informs.

He noted that in accordance with the approved regulations of the system, banks, payment organizations and electronic money organizations must immediately enter information about currency transfers outside the country into the system.

"Banks have already been integrated into the system. By the end of this year, payment organizations and electronic money organizations will also be integrated here. After the completion of the integration work, the necessary information will be immediately entered into the system in real time, thereby forming a single database. As a result, the CBA will be able to more effectively and promptly control currency transactions," Taghiyev added.