Central Bank has simplified conditions on transactions in foreign currency


February 20, Fineko/abc.az. By its recent decision the Central Bank’s Board has endorsed the changes to the Rules on Azerbaijani residents’ transactions in foreign currency and non-residents’ transactions in the national and foreign currency.

ABC.AZ was informed at the Central Bank that the period for submission of documents confirming a customs declaration or provision of import services confirming the import of goods in the country when making a payment in connection with the import of goods has been extended from 270 days up to two years.

At the same time, the requirement to provide information about this to the currency control authority was eliminated if the value of imported goods and services does not exceed the equivalent of $10,000.

The decision was made with taking into account the improvements observed in the country's balance of payments in recent years and the positive results of reforms aimed at strengthening customs control and currency control in general.

For example, the ratio of the current account surplus to GDP is currently measured in double digits.