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Police detain 3 illegal foreign currency traders in Azerbaijan

28 December 2015 10:55 (UTC +04:00)

The spokesman said Interior Minister Colonel-General Ramil Usubov has given special instructions to suppress such illegal actions.

According to the instructions, necessary actions must be taken in order to detect exchange-offices illegally functioning without relevant permission and violating the terms of “Regulations on setting up exchange offices and exchange transactions” approved by the decision dated 28 June 2006 of the Board of Directors of the Central Bank, as well as to determine and detain illegal foreign currency traders under Article #222.1 of the Administrative Offences Code (fine from 30 percent up to 70 percent of currency value, being a direct object of the administrative violation).

“Police have begun taking measures against illegal foreign currency trading and already detained three persons doing so. Efforts in this regard are going to continue,” he said.

Note that, some people abusing the latest changes in manat rate have lately been committing offences violating the requirements of normative legal acts that on certain banks being authorized to trade foreign currency in the manner prescribed by Azerbaijan’s Central Bank; foreign currency is being exchanged, bought, and sold by unauthorized people in different places, especially around major trade centers and other public places.