This is another success of Azerbaijan Entrepreneurs Confederation for business development

The Board of Central Bank of the Republic of Azerbaijan has approved amendments to “Rules on Conducting National and Foreign Currency Operations by Residents and Non-Residents in Azerbaijan”.

“This is another success of the Azerbaijan Entrepreneurs Confederation for the protection of entrepreneurs’ rights and business development, and we thank Central Bank and Financial Stability Board for constructive cooperation and approach to problems of entrepreneurs in the country.” Deputy Secretary General of the Azerbaijan Entrepreneurs Confederation, Kristina Mammadova said these words.

According to her, goods purchased abroad in advance had to be imported within 180 days. These rules have created serious difficulties for entrepreneurs in import operations. With suggestion of the Azerbaijan Entrepreneurs Confederation, 180 days were raised to 270 days, but attention and care paid to the development of entrepreneurship in the country, as well as calls for the application of modern technologies was creating difficulties related to the implementation of imports for 270 days. There were 12,000 cases coming from violations of these rules, and about 6,000 of these cases are currently pending in court.

Mammadova informed that as a result of joint initiatives of Chairman of the Central Bank of Republic of Azerbaijan, Elman Rustamov and President of Azerbaijan Entrepreneurs Confederation, Mammad Musayev, extensive meeting has been held in the Central Bank on January 10, 2020 with joint participation of entrepreneurs, bank managers and the Central Bank apparatus. As a result of meeting, working group has been established. As a result of hard work of working group, today’s positive results have been achieved.

“It is very joyful for us that this issue has been resolved positively. This means that nearly 6,000 lawsuits will be terminated,” K. Mammadova said and mentioned that noting that changes to rules will give impetus to the development of entrepreneurship.

We have to remind that deadline for submission of a customs declaration confirming import of goods or documents confirming provision of imported services to authorized bank is 270 (two hundred and seventy) days to 2 (two) years, requirement to notify currency control authority if the value of the extended, non-imported goods and services does not exceed equivalent of $ 10,000 has been eliminated.