Procedure for foreign currency buying and selling between Central Bank and banks changes

Central Bank’s Board has approved the Procedure for the purchase & sale of foreign currency between the Central Bank of Azerbaijan and banks.

banks.az reports that this rule regulates the procedure for the purchase and sale of foreign currency between the CBA and banks in accord with Parts 6 and 7 of Article 3 of the Law on Currency Regulationas well as Article 22.0.4 of the Law on the Central Bank of Azerbaijan.

According to the Procedure, CBA’s currency intervention is carried out through an auction and outside the auction, while only banks act as counterparties of the Central Bank.