Memorandum on creation of Azerbaijani- Russian money market signed in Baku
Today in Baku Executive Manager of BBVB (Baku Interbank Currency Exchange) Farhad Amirbeyov and President of ММВА (Moscow International Currency Association (ММВА - MICA) Aleksey Mamontov have signed memorandum of understanding between BBVB and ММВА – MICA. The topic of memorandum is creation of conditions for financial institutions of Azerbaijan and Russia to participate in trades of BBVB (BEST) and ММВА (DELTA) trade systems.
At the ceremony of signing F. Amirbeyov stated that during the year BBVB and ММВА will study technical opportunities for activity coordination of their trade systems.
"As a result we want to come to the regime when DELTA’s client is our client and BEST’s client will be ММВА’s client ",- F. Amirbeyov said.
Under the memorandum BBVB is ММВА’s exclusive client in Azerbaijan and ММВА is BBVB’s only (exclusive) partner in Russia.
"At that, being BBVB we will seek for other partners on Interbank Money marker development, besides MMBA , primarily in the countries which are Azerbaijan’s chief foreign trade partners. Our colleagues from MMBA perfectly understand it ",- F. Amirbeyov said.
Under the memorandum MMBA will also provide consultative support in introduction of e-commerce principles of money market instruments to contribute to increase of liquidity, transparency and reliability of money market instruments. At that the sides intend :
- Study opportunities of both countries’ residents’ access to money markets of Azerbaijan and Russia through BEST and DELTA trade systems , concluding the agreement with one of the sides of this memorandum.
- Determine the list of financial instruments to be available for trade within the sides’ trade systems;
- Provide mutual support in development of modern development technologies of financial markets
- Study opportunities for organization of calculations on both countries’ residents’ deals within BEST and DELTA;
- Coordinate the format and list of information on deals.
"Memorandum with BBVB is interesting for MMBA firstly in terms of experience gaining in the context of work on creation of international financial center in Moscow. One of the centre establishment directions is popularization of rouble with introduction of rouble assets and possibility for using Russian rouble as reserve currency ",-MMBA president Aleksey Mamontov said.
Under the memorandum the sides proceed from the fact that factual cooperation should become the subject of special (general) agreement within which parameters of future business project will be specified. The memorandum will be effective for 12 months.
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