National Bank of Azerbaijan to further streamline capital movement next year

Aftandil Babayev, deputy chair of the National Bank board, said the move comes in the context of deepening the national economy’s integration to the global economy and accelerating mutual investments flow.

“It is useful to monitor the results in six months or a year to see the macroeconomic effects. Next, the National Bank will think of deepening the liberalization process. In general, the move enables residents to penetrate foreign capital markets,” he added.

The amendments to foreign currency bank accounts of residents will come effective after approval by the Justice Ministry.

Since 1996, NBA has continuously been liberalizing currency transactions.

/APA-Economics/