Azerbaijan amends procedure for sale and repurchase of investment, jubilee, and commemorative coins

The Management Board of the Central Bank of Azerbaijan (CBA) has made amendments to the "Rules for the Sale and Repurchase of Investment, Jubilee and Commemorative Coins Issued into Circulation" approved by its decision dated August 11, 2020.

Report informs that CBA Chairman Taleh Kazimov has signed a new decision in this regard.

According to the decision, henceforth, if a jubilee or commemorative coin purchased online is not collected from the respective sales point at the time selected in the system, the CBA will contact the buyer or their representative and set a new agreed-upon time. If the buyer or their representative fails to collect the jubilee or commemorative coin from the respective sales point at the new time as well, the order will be canceled. In this case, the paid amount will be refunded to the buyer's bank account within 3 business days based on the bank details specified in the electronic application system of the Electronic Services Portal.

In addition, when the CBA repurchases a coin, its examination will be conducted with the direct participation of the person presenting it (or their representative), and its value will be paid to that person on the same day in cash or non-cash form, taking into account the requirements of the "Law on Non-Cash Payments."

If doubts arise about the authenticity of a coin presented for repurchase during the initial examination, the respective coin is packaged with the consent and direct participation of the person presenting it, and the sales agent sends it to the CBA based on an application. The application is drawn up in 3 copies. One copy is kept at the CBA, another at the sales agent, and the third is kept by the person presenting the coin. The examination of the presented coin is conducted within 10 business days. If the examination confirms the authenticity of the coin, the nominal value for jubilee and commemorative coins, or the repurchase price established on the CBA's website as of the date of delivery to the agent bank for investment coins, is transferred to the respective person's bank account within 3 business days. If doubts about the coin's authenticity arise during the examination, the CBA, upon obtaining prior consent, sends the respective coin to the manufacturer company for examination.