(MENAFN- AzerNews)
Ulviyya Shahin Read more
In Azerbaijan, payment instruments that meet two criteria willbe considered as small-denomination payment instruments, Azernews reports.
This is reflected in the "Regulation on the Conduct of PaymentOperations and Payment Instruments" approved by the Central Bank ofAzerbaijan's Board of Directors.
According to the decision, the criteria are as follows:
The amount of payment transactions within a calendar month for asingle instrument should not exceed 300 manats or its equivalent inforeign currency.
The amount of funds held in the instrument should not exceed 300manats or its equivalent in foreign currency.
Furthermore, the decision states that payment instruments notsubject to identification requirements must meet the followingcriteria:
They can only be used for domestic payment transactions.
They cannot be used for money transfers or for cashing out fundsin foreign countries.
Their users can only be individuals.
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