20 February 2020, Baku: The Management Board of the Central Bank of the Republic of Azerbaijan approved amendments to the ‘Regulations on currency operations of residents of the Republic of Azerbaijan in foreign currency, and non‐residents in national and foreign currencies’ with its decision of 20.02.2020. According to the amendments, in case of down payment for import of goods the period for submission of a customs declaration confirming import of goods to the country or a document confirming supply of imported services to an assigned bank is extended from current 270 (two hundred and seventy) days to 2 (two) years at the latest, and the requirement on delivery of relevant information to a currency control authority for goods and services not imported whose price falls below USD10000 (ten thousand) equivalent is removed.
The Board took the decision in light of recent improvements in the balance of payments indicators and positive outcome of reforms conducted to strengthen customs and currency control. Currently, the ratio of current account surplus of the balance of payments to GDP is measured in two-digit numbers. Efforts to diversify the economy and promote non-oil export contributed to balance of payments surplus. The capital and financial flow account has been considerably improved over recent years along with the current account.
Liberalization of the foreign currency operations regime will further improve business environment in the country. As is well known, a Cooperation Council with Entrepreneurs was established under the Management Board of the Central Bank early the year. One of the priority issues raised at the Council related to liberalization of the regulation of import operations within the current currency regime.
Amendments to the above Regulations will take effect after being included to the State Register of Legal Acts of the Republic of Azerbaijan.