Regulatory Alerts2024-11-23
Regulations on Currency Operations of Residents in Foreign Currency and Non-Residents in National and Foreign Currencies
The Central Bank of the Republic of Azerbaijan issued Resolution No. 45/1 to standardize foreign exchange operations conducted by residents and non-residents through designated banks. The regulations mandate precise documentation, reporting timelines, and compliance checks for currency transfers with or without bank accounts, covering imports, exports, grants, loans, and personal remittances. It establishes a USD 20,000 monthly transfer limit for individuals, aligns all transactions with anti-money laundering and targeted financial sanctions laws, and clarifies procedural requirements for state-owned entities, e-commerce purchases, and dividend repatriation.
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