Azerbaijan, Baku, May 6 / Trend , I.Khalilova/
The Pasa Bank is holding agent function of the State Oil Fund of Azerbaijan (SOFAZ) on authorized capital, which is 100 million manat [bank is ranging second owing to capital volume], v Board Chairman Farid Akhundov said. [Pasa Bank was established in June 2007. Bank is operating on the basis of license of the Central Bank of Azerbaijan dating Jan. 28, 2007.]
Our bank is chosen, along with several others to buy foreign currency from SOFAZ for its further sale," said Akhundov.
According to him, Pasa Bank is an active participant in currency transactions in the interbank market. Baku Interbank Currency Exchange (BBVB) began to build market-making for the further development of stock exchange market. The bank selected the first foreign exchange market-maker in the foreign exchange auction in the Exchange e-tendering system (BEST) at BBVB. As a market-maker, a bank undertakes to conduct trades on the instrument USD / AZN T +0 only in the trading system BEST. Market-maker exempt from Exchange Commission on the instrument.
The purpose of the market-making institute is to increase the liquidity of the stock exchange market.
The market maker status may be obtained from a member of the currency section of BBVB one or more instruments admitted to trading in the currency section.
The Pasa Bank enters the group of companies of the PASA Holding. Shareholders of the bank are PASA Holding -60 percent, ADOR ltd - 30 percent and Arif Pashayev -10 percent.
On May 6, the official exchange rate is 0.8036 manat to $1.
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