Azerbaijan to reopen currency exchange offices
"If the draft law is adopted, the control will be transferred to the Financial Markets Supervisory Authority."
Currency exchange offices will be reopened, Ziyad Samadzade, Chairman of Economic Policy, Industry and Entrepreneurship Committee of the parliament, said at the discussion of law on currency regulation.
According to him, the currency exchange offices will be controlled by the Financial Markets Supervisory Authority: “They were controlled by the Central Bank of Azerbaijan. At that time, persons intending to open currency exchange offices should pay AZN 500 state duty. If the draft law is adopted, the control will be transferred to the Financial Markets Supervisory Authority”.
He added that the licenses will be granted not only to posts, but also to banks, resident and non-residents, citizens. A pledge will be required to obtain license to open a currency exchange office.
Upon the proposal of MP Vahid Ahmadov, demand for capital investment in amount of AZN or $ 50,000 in addition from the persons intending to open currency exchange offices has been cancelled.
He was against requirement of a pledge for obtaining of licence: “A person intending to open a currency exchange office should pay AZN 500 state duty and obtain licence”.
MP Yevda Abramov reminded that he was against closing of currency exchange rates: “After the offices were shut down, those persons started to engage in currency exchange in their homes. I appreciate reopening of these offices”.
The draft law was adopted by voting.