Baku, Fineko/abc.az. Number of credit institutions that became members of the currency section of the Baku Interbank Currency Exchange (BBVB) has increased up to 46.

The BBVB reports that open joint stock companies Bank Avrasiya and Pasha Bank (PASA Bank) have become its currency section members.

“These financial institutions were founded in Azerbaijan in 2007 and accepted as currency section members on expiration of six months after they received full bank license,” BBVB says.

One of the key conditions for membership in the currency section was lack of any violations of National Bank’s standards for the above-mentioned period by both institutions.

“After they pay membership fees and their traders pass required training courses and are certified, Bank Avrasiya and PASA Bank will be able to launch operations in BBVB electronic currency trading system (BEST),” the Exchange says.

On May 1, 2008 BBVB finished successfully switching of the users to a new trading and settlement system. Almost all the member of the BBVB currency section have been connected to it through more than 50 trade and information terminals. For study of new capacities of e-system and improvement of work skills in its new interface BBVB has organized special training courses.

Being the first exchange electronic trading system in the Trans-Caucasus region, for the past six years from the day of its commissioning BEST has become an integral part of currency and money market of Azerbaijan. The system built on the basis of principle of universalism in rendering exchange services is a kind of modern platform for complex management with liquidity and risks of banks. BEST allows domestic banks not only to carry out converting transactions with foreign currencies, but also to conduct placement/borrowing finances, operating settlements on exchange deals, re-distribute limits and monitor segments of country’s financial market on-line.

08.07.2008 17:34