Approved by Board decision of National Bank of the Azerbaijan Republic of May 27, 2002 No. 12

Rules about the mode of currency transactions of residents and nonresidents in the Azerbaijan Republic

1. General provisions

1.1. These rules are prepared according to the laws of the Azerbaijan Republic "About currency control" and "About entering of amendments and changes into the Law of the Azerbaijan Republic "About currency control" and regulate the mode of the currency transactions made by residents and nonresidents through credit institutions of the Azerbaijan Republic. The provisions explained in Rules do not extend to banking activity of credit institutions of the Azerbaijan Republic, and belong only to their transactions, connected with economic activity.

1.2. The concepts "foreign currency", "residents", "nonresidents", "currency transactions" and "authorized banks" used for the purposes of these rules are understood as they are interpreted in the Law of the Azerbaijan Republic "About currency control".

1.3. The transactions specified in these rules, as a rule, are made through the credit institutions performing activities in the territory of the Azerbaijan Republic, and except as specified, provided in Rules, can be made by means of bank accounts of residents and nonresidents.

1.4. Excluded

2. Foreign currency transactions of residents of the Azerbaijan Republic

2.1. Revenues to accounts of residents. Funds for foreign exchange accounts of residents of the Azerbaijan Republic in authorized banks can arrive freely.

It is necessary to comply with special conditions for transfer of the means arriving from the following sources:

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