The Central Bank of Azerbaijan (CBA) has required that all entities conducting non-cash currency exchange transactions in the country regularly report to the bank on the their transactions.

According to a newly-released document by CBA, the reports by the entities - including banks, local branches of foreign banks, and post offices - will help the central bank develop monetary policies.

CBA added that the reports would also facilitate studying demands for domestic and foreign currency, setting exchange operations' goals and directions, as well as minimizing the risks during the revaluation of funds in foreign currency in case of official exchange rate changes.

The documents say, the entities are supposed to report both intra-bank exchange transactions (including those on Bloomberg and BEST platforms, as well as transactions done outside trading systems), and the inter-bank currency exchange transactions.

Meanwhile, the market participants should provide the CBA with different information, from compliance with limits on open currency position set by the bank to exchange operations conducted during repayment of loans and interests thereon, placement, withdrawal of deposits, exchange of cash, as well as speculative operations on making profit from the difference in rates between the currencies.

Reports should be provided in electronic form each month, within two working days after the end of the reporting period. The reports must be provided on a daily basis in the case of a written request by the regulator.

(Azernews)

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