Azerbaijan reveals cases of import, export of securities in foreign currency

Cases of import of securities to Azerbaijan and export of securities from Azerbaijan in foreign currency have been revealed.

In this regard, the Board of the Central Bank of Azerbaijan (CBA) has approved amendments to the Resolution dated March 3, 2016 "On approval of the rules for the import and export of foreign currency to Azerbaijan by residents and non-residents", Report informs.

According to the amendments, resident and non-resident individuals and legal entities can import into Azerbaijan both foreign currency and securities in foreign currency, regardless of the nominal amount, without restrictions by observing the customs procedures.

Moreover, cash in the equivalent of up to $10,000 can be exported from Azerbaijan in foreign currency, as well as securities in foreign currency by declaring orally at the customs service.

Securities in foreign currency, the value of which exceeds the equivalent of $10,000, can be exported from the country by submitting documents and a written declaration to the customs service, confirming their earlier import into the Republic of Azerbaijan.

The requirements of these rules also apply to receipts and other payment documents in foreign currency.

The CBA Legal Department was instructed to submit a new decision to the Ministry of Justice within three days for inclusion in the State Register of Legal Acts.