Central Bank of Azerbaijan considers proposals to establish e-database and reporting system

Business Materials 16 March 2010 17:01 (UTC +04:00)

Azerbaijan, Baku, March 16 / Trend I.Khalilova /  

The Central Bank of Azerbaijan (CBA) plans to conclude its consideration on the proposals on the project to establish an e-database and reporting system in mid-April Armenia plans, CBA CEO Khagani Abdullayev said.

"Presently, the bank received six proposals from bidders for the development and installation of the system," he said. "The bank needs time to decide on a contractor, as the project is very complex and differs from the local projects realized by the CBA so far."

He said the According to local companies, which prefer to act jointly with foreign partners, show interest in the project.

This Data wear house system would cover the entire database at the CBA and its essence lies in the fact that all the information from the outside will come and processed electronically.

"This system has a special filtration system and it is generally flexible, that is, one can get information in any quantity and combination within a few seconds. In the future it will be integrated into other information systems that provide high efficiency of economic policy," he added.

According to him, the development of any model among the governmental agencies, exchange and processing information, as well as receipt of outgoing data will be facilitated through this system. It will be a universal system, and many central banks have already begun to implement such a project.

World Bank (WB) estimates that the development of such a system would require 2-3 years, but "we expect to complete the establishment of a basic platform in two years, but this system is not limited, and would have very wide possibilities for adaptation and modernization." Currently, CBA is considering various proposals that have different valuation of the project. WB has estimated the cost of an average of $ 2-3 million, depending on the degree of complexity.

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