Exchange offices outside banks may reappear in Azerbaijan

Individuals and legal entities may be allowed to open currency exchange offices in Azerbaijan in accordance with the draft amendments to the ''Law on Currency Regulation''.

The draft amendments have been submitted to the Azerbaijani Parliament, Trend reports.

Since January 2016, only banks and post offices can have currency exchange points in Azerbaijan. If the amendments are adopted, not only residents of Azerbaijan, but also foreign companies will be able to open currency exchange points in their branches in Azerbaijan.

The currency exchange will be possible only in cash, according to the draft amendments.

This is while, the amendment to the "Law on State Duty" provides for introduction of a fee worth 500 manats for obtaining a license to open a currency exchange office. This license will be issued for an indefinite period by the Financial Market Supervisory Authority of Azerbaijan.