Currency trade agreement between Azerbaijan and Russia reached
Azerbaijan, Baku, April 27 /Trend A.Akhundov/
The Baku Interbank Currency Exchange (BBVB) and the Moscow International Currency Association (ММВА) signed a Memorandum of Understanding in Baku.
The agreement was signed by the head of BBVB Farhad Amirbekov and the head of MICA Alexei Mamontov.
The subject of the memorandum is cooperation based on equality of the parties to create conditions for the financial institutions of Azerbaijan and Russia to participate in the auction in the trading systems of BBVB and ММВА - BEST (exchange electronic trading system), and DELTA.
According to the document, BBVB is the only partner of ММВА in Azerbaijan and vice versa.
The Moscow International Currency Association will provide advice to the BBVB in implementing the principles of e-commerce through money market methods which will enhance the liquidity, transparency and reliability of the money market instruments.
In the framework of the memorandum the residents of Azerbaijan are allowed in the trading system of Delta, concluding by signing a corresponding contract, and vice versa.
The parties believe that the actual co-operation on matters specified in the memorandum should be the subject of a special agreement.
This memorandum will enter into force upon signature and be valid for 12 months.