Number of types of operations for money transfers in foreign currency from bank accounts to abroad increased in Azerbaijan

Number of types of operations for money transfers in foreign currency from bank accounts to abroad increased in Azerbaijan
  • Clock-gray 19:48
  • calendar-gray 23 July 2020

The number of types of operations for money transfers in foreign currency from bank accounts to abroad has been increased in the Republic of Azerbaijan, APA reports.

The Management Board of the Central Bank of Azerbaijan has made a change in this regard in the “Rules of implementation of operations in foreign currency by residents of the Republic of Azerbaijan, and in national and foreign currencies by non-residents”.

The money transfers (guarantee, payment of damage, compensation, etc.) made in order to ensure execution of obligations to other persons by the resident stakeholder (shareholder) owned by state directly or indirectly and possessing over 50 percent of stakes (shares) of the resident or non-resident entity over 50 percent of stakes (shares) of which is owned by state directly or indirectly have been included in the list of these types of operations.

The term “state” used herein means the Republic of Azerbaijan and such payments are implemented by submitting to a bank the contract confirming accrual of relevant obligation, demand for execution of security obligation and documents proving direct or indirect stake (share) of state.

The decision has become valid from July 23.

Ramiz Mikayıloğlu

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