Baku Currency Exchange Offers Tbilisi Exchange Assistance

Business Materials 23 November 2007 15:13 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / The Baku Interbank Currency Exchange (BBVB) is prepared to provide technical assistance to the Tbilisi Interbank Currency Exchange (TICEX) in the development of the exchange electron trading system, Farhad Amirbayov, the BBVB Manager, said at a meeting of the TICEX shareholders held in Tbilisi on 20 November.

Amirbayov informed the participants in the gathering about the priority of trade financing tools. Special attention was paid to the application of tools in the money market in Azerbaijan and the development of the clearing system. The expansion of access to banks of Georgia and Azerbaijan to the international capital markets necessitates the development of risk management, application of new financial tools, which enables to insure some financial risks.

TICEX shareholder banks were informed about the perspectives of cooperation between the two exchanges within the framework of the Agreement on Partnership co-signed by BBVB and TICEX on 14 August 2007. The document envisages exchange experiences on the use of exchange technologies and intensive development of fiscal markets of Azerbaijan and Georgia. In accordance with the agreement, the two sides plan to study the expediency of establishing an integrated or unified interface trade accounting system. Moreover, BBVB and TICEX will strive towards providing technical standardization and juridical unification of dealing at their trade systems with the consideration of existing legislations of the two countries.

During the visit the BBVB Manager and the TICEX General Director held the next round of consultations.