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Currency settlement

Law of the Azerbaijan Republic

About currency settlement

The present Law determines the principles of implementation of operations with currency, authority and functions of the bodies which carry out currency settlement and control over operations with currency, rights and obligations of legal entities and physical persons concerning possession of currency values, their use and disposal, responsibility for violation of currency.

Chapter I. General

Article 1. Main notions

In the present Law the following notions are used:

1. «National currency of the Azerbaijan Republic» (hereinafter — «national currency»):

a) manats in the form of banknotes and coins of the National Bank of the Azerbaijan Republic being in circulation and also those which have been withdrawn from circulation but can be exchanged for money in circulation;

b) manat resources in bank accounts and other credit organisations in the Azerbaijan Republic;

c) manat resources in bank accounts and other credit organisations outside the Azerbaijan Republic.

2. «Securities in national currency» — payment documents in manats (cheques, promissory notes, letters of credit etc.), stock exchange securities (shares, bonds) and other promissory notes.

3. «Foreign currency»:

a) money in the form of banknotes, Treasury notes and coins being in circulation which are legal payment means at the territory of respective country or group of countries and also those which have been withdrawn from circulation but can be exchanged for money in circulation at said territories;

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