Azerbaijan, Baku, 14 March / corr. Trend I. Khalilova/ The integration to the financial markets of other countries is critical to the increase in the liquidity of the Azerbaijani bank system, Farhad Amirbayov, the head of the Baku Inter-Bank Currency Exchange (BBVB) said.
"The market that can integrate with us is the Georgian market," Amirbayov said. It was me who had initiated the establishment of the regional finance center in May 2007 at the Caucasus Conference II held in Tbilisi.
According to Amirbayov, the trade systems of the national exchanges of Azerbaijan and Georgia can integrate which will enable the business banks to operate with liquidity not only within the country, but also to conduct international transactions.
A joint annual program was developed in line with the protocol on cooperation signed in 2007with the Tbilisi Inter-Bank Currency Exchange and the Exchanges will develop their own proposal on the integration program at the end of 2008.
The primary goal is to establish an integrated trade system. It will provide conditions to carry out operations in their national markets in the one and same interface and will enable operators from one market to conduct operations in the other.
Once the operations will be carried out in the credit market, the banks will be able to grant credits and have a correspondent account within the bank licenses granted by the National Banks of Azerbaijan and Georgia.
With regards to access to the currency markets, the National Banks of two countries should hold consultations for this purpose. The preliminary discussions were held in summer 2007 during the visit of the Georgian delegation including the head of the Tbilisi Exchange and the members of the Georgian National Bank. "We want to focus on demand and supply in our trade systems so that banks can work together strongly," Amirbayov said.
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