Azerbaijan, Baku, July11 / Trend A.Akhundov /
The Baku Interbank Currency Exchange (BBVB) and the Moscow International Currency Association (MICA) are looking at a plan of joint action under the previously signed Memorandum of Understanding, advisor of BBVB manager Zahid Mammadov told Trend on Wednesday.
"At present, the parties are discussing the plan of joint actions that will allow them to achieve the objectives set out in the memorandum," Mammadov said.
The subject of the memorandum is cooperation based on equality of the parties to create conditions for financial institutions in Azerbaijan and Russia to participate in the auction of BBVB and MICA - BEST (electronic trading system) and DELTA trading systems.
According to the document, BBVB is the only partner of MICA in Azerbaijan and vice versa.
Moscow International Currency Association will provide advice to the BBVB in introducing the principles of e-commerce through money market instruments which will enhance the liquidity, transparency and reliability of the money market instruments.
As part of the memorandum the residents of Azerbaijan are allowed into the Delta trading system, concluding a corresponding contract and vice versa.
Both parties believe that the actual co-operation on matters specified in the memorandum should be the subject of a special agreement.
This memorandum came into force on the date of signing, April 27 and is valid for 12 months.