Regulatory Alerts2018-07-27
Regulations on Accounting of Foreign Currency Operations in the Banking System of Azerbaijan
The Central Bank of the Republic of Azerbaijan issued these Regulations to standardize accounting principles for foreign currency operations across its banking system. The framework requires banks to apply a multi-currency double-entry recording system, revalue foreign currency balances to official exchange rates, and immediately recognize transaction rate differences as gains or losses. Superseding the 1996 evaluation rules, the Regulations take effect on July 1, 2001, and provide detailed methodological instructions for recording currency purchases, sales, asset valuations, and exchange differences.
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