Azerbaijani banks actively engaged in OTC Forex market

Business Materials 30 September 2011 13:42

Azerbaijan, Baku, Sept. 30 / Trend , N.Ismayilova /

Azerbaijani banks are actively engaged in transactions with the OTC foreign exchange market Forex, the Central Bank of Azerbaijan (CBA) told Trend today.

"A certain technical platform providing access to the international market Forex is required in order to perform market transactions. To date, two banks in Azerbaijan have such a platform," the bank said.

Transactions on the Forex - OTC foreign exchange market are being carried out in Azerbaijan in 2011 throughout the banking organization, in accordance with a CBA decision.
Texnikabank and MuganBank are now providing such services in Azerbaijan.

MuganBank marketplace for the Forex market was launched on July 19, 2010. Texnikabank launched a similar operation in 2011.