(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 1. An updated
procedure for the purchase and sale of foreign currency between the
Central Bank of Azerbaijan (CBA) and commercial banks was approved
by the CBA Board's decision dated November 15, 2022, trend reports via the
CBA.
According to the bank, the updated rule was developed in
accordance with the 6th and 7th parts of the
3rd article of the law 'On currency regulation' and
article 22.0.4 of the law 'On Central Bank of the Republic of
Azerbaijan'.
The rules determine the methods, forms, and conditions of
foreign exchange transactions in accordance with the current
practice.
The list of instruments that the CBA can use in the domestic
foreign exchange market, along with instruments currently used,
reflects other potential instruments which can be used if necessary
in the foreign exchange market, including forward, swap, options
transactions, and the methodology for calculating the price of
these instruments.
The updated procedure was included in the State Register of
Legal Acts of the Republic of Azerbaijan and entered into force on
November 30, 2022.
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