BAKU, Azerbaijan, An updated procedure for the purchase and sale of foreign currency between the Central Bank of Azerbaijan (CBA) and commercial banks was approved by the CBA Board’s decision dated November 15, 2022, Trend reports via the CBA.

According to the bank, the updated rule was developed in accordance with the 6th and 7th parts of the 3rd article of the law ‘On currency regulation’ and article 22.0.4 of the law ‘On Central Bank of the Republic of Azerbaijan’.

The rules determine the methods, forms, and conditions of foreign exchange transactions in accordance with the current practice.

The list of instruments that the CBA can use in the domestic foreign exchange market, along with instruments currently used, reflects other potential instruments which can be used if necessary in the foreign exchange market, including forward, swap, options transactions, and the methodology for calculating the price of these instruments.

The updated procedure was included in the State Register of Legal Acts of the Republic of Azerbaijan and entered into force on November 30, 2022.

Source: TREND News Agency