Azerbaijan: New Regulations Of The Republic Of Azerbaijan "On Bringing Foreign Currency Into And Taking Out Of The Republic Of Azerbaijan By Residents And Non-Residents"

On 03 March 2016 the Central Bank of the Republic of Azerbaijan has made decision on approving the Regulations "On Bringing Foreign Currency into and Taking out of the Republic of Azerbaijan by Residents and Non-residents" (Regulations). The new Regulations came into effect as of 16 March 2016. In this connection the Regulations of the Republic of Azerbaijan "On Bringing Currency Resources into and Taking out of the Republic of Azerbaijan by Physical Persons" approved by Central Bank by Protocol No. 6 dated 18 March 2002 has been abolished.

New regime

The new Regulations determine the rules of import/export of foreign currency in cash to and out of the Republic of Azerbaijan by resident and non-resident individuals and legal entities (excluding banks and local branches of foreign banks).

According to the Regulations residents and non-residents may bring foreign currency into the Republic of Azerbaijan in cash with no limits as long as they comply with the prescribed customs procedures.

Residents and non-residents may take out of the Republic of Azerbaijan up to US$10,000 equivalent foreign currency in cash upon oral declaration at the customs authorities.

Residents and non-residents may take out of the Republic of Azerbaijan the amount from US$10,000 up to US$50,000 equivalent foreign currency in cash upon submission to the customs authorities of customs documents confirming its previous import into the Republic of Azerbaijan in cash and a written customs declaration.

Except for the cases specified above herein, residents and non-residents may take foreign currency out of the Republic of Azerbaijan only by transfer through authorised banks and the national postal operator. 

We consider that the new regulation simplify the rule of import/export of foreign currency in cash to and out of the Republic of Azerbaijan by resident and non-resident, since before according to the previous Regulations of the Republic of Azerbaijan "On Bringing Currency Resources into and Taking out of the Republic of Azerbaijan by Physical Persons", residents could export foreign currency in an amount up to the equivalent of US$10,000 by filling  declaration to the customs authorities and non-residents needed to submit certain documents (such as document confirming that the monies exceeding 1,000 were previously transferred to the Azerbaijan Republic) if the amount exceeded US$1,000. Also according to the previous regulations residents and non-residents could bring in Azerbaijan the currency values up to the equivalent of US$10,000 by filling of a "Passenger customs declaration".

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