Another success of ASK! “Currency regulation regime” has been softened
With decision of the Board of the Central Bank of the Republic of Azerbaijan dated on 20th February of this year, amendments were approved to Rules on Conducting National and Foreign Currency Operations by Residents and Non-Residents in Azerbaijan”.
According to the changes, in case of advance payment for the import of goods, the deadline for submission of customs declaration confirming import of goods or documents confirming provision of imported services to the authorized bank is 270 (two hundred seventy) days to 2 (two) years at the latest, and requirement to notify currency control authority if the value of extended, non-imported goods and services does not exceed equivalent of $ 10,000 has been eliminated.
The decision has approved taking into account improvement processes observed in the country’s balance of payments indicators in recent years, positive results of reforms aimed at in the direction of strengthening customs control and currency control in general. Thus, at present, ratio of current account surplus to gross domestic product in balance of payments is measured in double digits. The works done in the direction of diversify the economy and promote non-oil exports has played a decisive role in the formation of surplus balance of payments. In addition to current operation accounts, there has been a significant improvement in capital and financial flows in recent years.
Liberalization of currency regime will also support further improvement of business environment for entrepreneurship in the country. As it is known, at the beginning of current year, Cooperation Council with Entrepreneurs was established under the Board of the Central Bank. One of priority issues raised by the Council was about liberalization of regulation of import operations within existing currency regime in the country.
It should be noted that amendments to the Rules mentioned above will come into force after they included to State Register of Legal Acts of the Republic of Azerbaijan.