Azerbaijan May Set New Rules In Field Of Currency Exchange Activities


(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 5. The Central Bank of Azerbaijan may set an upper limit on currency exchange operations carried out by persons who have received a license to operate in this area, trend reports.

This is reflected in the proposed amendment to the law "On the Central Bank of the Republic of Azerbaijan", which was submitted for discussion at today's meeting of the Committee of the Milli Majlis (Parliament) on economic policy, industry and entrepreneurship.

A person wishing to carry out activities in this area must apply to the financial market supervisory authority to obtain a license. According to the draft, this supervisory authority may be the Central Bank of Azerbaijan.

The application must also be accompanied by a copy of the charter of a non-resident legal entity, the decision of the authorized management body on the establishment of a branch, the financial statements of a non-resident legal entity that has been audited for at least the last three financial years (and when creating a legal entity for less than three years) and the auditor's opinion.

Will be updated

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Trend News Agency

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