According to the rules for organizing foreign currency exchange offices and operations approved by the Central Bank of Azerbaijan, exchanging currency exceeding $500 in Azerbaijan will be carried out only if an identity card is available.
The new rules regulate foreign currency exchange in banks, their branches and offices, local branches of foreign banks and the national postal operator. The previous rules didn’t apply to currency exchange offices in post offices and local branches of foreign banks.
Each foreign exchange transaction (or other service) is entered into the bank’s system, and the client receives a bank statement.
“The foreign currency rate must be indicated on special electronic boards. Banks are free to determine the exchange rates of purchase and sale of foreign currency. In various offices currency rates may differ. The currency exchange rate may vary during the day. In case the central bank determines a currency corridor for purchase and sale, banks have to follow it," Trend cited the document as saying.
